Ringgit rises to 4.08 against US dollar in early trade
Publish date: Fri, 20 Nov 2020, 09:52 AM
KUALA LUMPUR: The ringgit rebounded to open higher against the US dollar today on renewed demand despite declining global oil prices, said an analyst.
At 9.10am, the local currency stood at 4.0890/0950 against the greenback, compared with yesterday's close of 4.0960/0010.
Axi chief global market strategist Stephen Innes said the ringgit remains tethered to Covid-19's yo-yo string.
He also said for any country with a sizable oil export quotient, its currency will feel the ups and downs of the choppy oil market. Brent crude oil stood at US$44.18 per barrel, while WTI crude oil traded at US$41.65 per barrel.
Against other major currencies, the ringgit was traded mostly lower, except for the Singapore dollar.
The local note was slightly higher against the Singapore dollar at 3.0411/0464 compared with 3.0417/0466 yesterday, but decreased against the British pound to 5.4216/4304 from 5.4092/4191.
It also declined versus the euro to 4.8557/8632 from 4.8452/8523, and vis-a-vis the yen, it fell to 3.9382/9442 from 3.9362/9414 on Thursday.
- Bernama
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