Highlights

Ringgit pares earlier losses to end higher against US dollar

 Publish date: Fri, 8 Jan 2021, 7:00 PM

KUALA LUMPUR: The ringgit pared earlier losses to end higher against the US dollar today despite the better performance of the greenback.
 
The US dollar extended yesterday's gains against most major rivals, as traders pinned hopes that the COVID-19 immunisation coupled with more monetary stimulus would revive economies in the second half of the year, dealers said.
 
At 6 pm, the local currency stood at 4.0300/0340 versus the greenback compared with Thursday's close of 4.0350/0410.
 
Commenting on the ringgit performance, Axi chief global market strategist Stephen Innes said the local currency closed favourably, supported by stable and higher oil prices along with the bullish outlook for commodity prices on the back of the 'blue wave' stimulus which is supporting risk assets. 
 
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar appears to be gaining some strength today with the US dollar index (DXY) rising to 90.065.
 
"The incidence in the Capitol Hill has led to further calls for removal of the current sitting President, Donald Trump. At the same time, the incoming new President Joe Biden is expected to be more generous with respect to fiscal stimulus, thereby giving hope that it could provide further boost to the economy," he said.
 
On the other hand, he noted worries over the rise in COVID-19 infections would also continue to shape market sentiments, amid potential reintroduction of the movement control order (MCO) to curb the pandemic spread to ensure the country's health capacity would not go bust.
 
"As such, we expect cautious trading on the ringgit against US dollar pair in the immediate term," he told Bernama.
 
Meanwhile, the ringgit was also traded higher against other major currencies.
 
It rose against the Singapore dollar to 3.0420/0459 from 3.0508/0563 on Thursday and gained versus the euro to 4.9319/9384 from 4.9501/9583.
 
The local note strengthened vis-a-vis the Japanese yen to 3.8813/8863 from 3.8955/9021 yesterday and improved against the British pound to 5.4804/4875 from 5.4848/4941.
 
  - Bernama
Share this

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
View candlestick stock charts with Technical indicators
MQ Affiliate
Be rewarded by being an MQ Affiliate
 
 

564  409  601  26 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 TRIVE-OR 0.0050.00 
 QES 0.38+0.04 
 KSTAR 0.21-0.045 
 DNEX 0.26+0.005 
 BIOHLDG 0.30+0.04 
 DYNACIA 0.120.00 
 LAMBO 0.030.00 
 MCLEAN 0.325+0.095 
 AT 0.180.00 
 VSOLAR 0.040.00 

FEATURED POSTS

1. The Equity Market Index Benchmark in Malaysia CMS
2. Trading Scenarios of Derivatives Bursa Derivatives Education Series
3. Derivatives 101 Bursa Derivatives Education Series
4. Why Trade FKLI? Bursa Derivatives Education Series
5. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!

TOP ARTICLES

1. STEEL Industry - HOT ! ! The Huat Project
2. Malaysia Electronics Industry 5G TECH MANUFACTURING
3. SUPERMAX - HEAVILY SELL OFF ACTIVITIES(RUN) RISE OF TITAN
4. SILTERRA SAGA : GPACKET NOT BIDDER,COUNTING SECONDS FOR DNEX Official Opinion by Tuan Capital
5. Tenaga Nasional - MCO impact not as severe as 2QFY20 AmInvest Research Reports
6. Daily technical highlights – (SCIB, KGB) Kenanga Research & Investment
7. Mplus Market Pulse - 22 Jan 2021 M+ Online Research Articles
8. A BEARISH outlook for Covid-19. GENERAL
PARTNERS & BROKERS