Ringgit opens lower against US dollar

 Publish date: Tue, 24 Nov 2020, 9:53 AM

KUALA LUMPUR: The ringgit retreated from yesterday's gains to open lower against the US dollar today on a cautious mode, despite the weaker performance of the greenback.
At 9am, the local currency stood at 4.0900/0950 against the greenback, compared with last Friday's close of 4.0880/0930.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the prevailing situation looks constructive for the ringgit, but the market is expected to adopt a wait-and-see approach ahead of Budget 2021 voting by Member of Parliament, slated for Thursday.
On the other hand, he said the latest developments on the Covid-19 vaccine looks very encouraging.
"This should pave the way for a sustained recovery next year, should the vaccine be discovered and distributed globally.
"(Also), Brent crude and crude palm oil have worked in our favour. Therefore, the ringgit should continue to gain further momentum this week," he told Bernama.
Meanwhile, the ringgit was traded higher against other major currencies.
The local note was stronger against the Singapore dollar at 3.0443/0491 compared with Monday's close of 3.0476/0524, and rose vis-a-vis the yen to 3.9105/9157 from 3.9380/9439.
It improved versus the euro to 4.8434/8509 from 4.8549/8625 on Monday, and increased against the British pound to 5.4526/4599 from 5.4624/4711. 
 - Bernama
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