A customer counts her ringgit notes outside a money changer at the central business district in Singapore in this August 25, 2015 file photo. Malaysia's ringgit jumped more than 5 percent to a five-week high on October 7, 2015 on stop-loss dollar selling and higher local stocks. The ringgit, the worst performing Asian currency so far this year, surged as much as 5.2 percent to 4.1600 per dollar, its strongest since Sept 1. REUTERS/Edgar Su/Files

Malaysia: Ringgit extends gains for third straight day

  • Nov 18, 2020

KUALA LUMPUR: The ringgit extended its gains for the third consecutive day against the US dollar today on bullish sentiment surrounding the local and regional markets.

At 9.10 am, the local currency stood at 4.1000/1050 against the greenback compared with Tuesday’s close of 4.1020/1070.

Axi chief global market strategist Stephen Innes said the US dollar downside is increasingly attractive versus the emerging market foreign currencies.

He said the currencies of economies suffering severe contractions in gross domestic product (GDP) this year due to the COVID-19 pandemic and or the loss of tourism income are recovering admirably on the latest vaccine impulse.

“And on that note, the ringgit fits the bill on both accounts,” he told Bernama.

Against other major currencies, the ringgit was traded mostly higher.

It rose against the Singapore dollar to 3.0522/0570 from 3.0537/0576 yesterday, increased against the yen to 3.9289/9441 from 3.9329/9381 and strengthened versus the euro to 4.8597/8673 from 4.8674/8750.

However, the local note weakened vis-a-vis the British pound to 5.4313/4383 from 5.4245/4319 yesterday. – Bernama

Source: https://www.thestar.com.my/business/business-news/2020/11/18/ringgit-extends-gains-for-third-straight-day