KUALA LUMPUR: The ringgit continued its positive momentum to end higher against the US dollar today, driven by optimism on the global and domestic economic outlook, dealers said.
At the close, the local currency rose to 4.0280/0320 against the US dollar from yesterday’s close of 4.0320/0370.
A dealer said that the steady oil prices, vaccine optimism and the gradual easing of the Movement Control Order -- which seems to be on the cards sooner than later -- had shifted investors’ interest towards riskier assets.
“The local note will face a keen foreign investors’ test as the government will auction the RM2 billion 2040 Malaysian Government Securities (MGS) to settle on Feb 18, 2021, which will be a good gauge of foreign investors’ uptake for local debt amid current economic headwinds,” he said.
Meanwhile, another dealer said that the crude oil price continued its upward momentum today, as a cold front shut wells and refineries in Texas -- the biggest crude producing state in the United States, which is also the world’s biggest oil producer.
The local currency was traded mixed against other major currencies today.
It increased against the Singapore dollar to 3.0432/0467 from Monday’s 3.0481/0523, but went down vis-a-vis against the euro to 4.8948/9009 from 4.8920/8979 yesterday.
The ringgit also appreciated against the yen to 3.8242/8283 from 3.8258/8313 on Monday but weakened against the British pound to 5.6102/6166 from 5.6033/6144 previously. — Bernama
