KUALA LUMPUR: The ringgit rose for a sixth straight day in early trading today, as bullish oil prices and the latest developments in the Covid-19 vaccine roll out added to optimism over the currency’s prospects.
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At 9.05am, the local currency had risen to 4.0300/0340 against the US dollar from Monday’s close of 4.0320/0370.
Axi chief global market strategist Stephen Innes said the ringgit continues to get a boost from steady oil prices, vaccine optimism and a gradual easing of the Movement Control Order (MCO).
“This is very bullish for the ringgit and should see a gradual return of improving sentiment towards the ringgit as we move into the second quarter.
Meanwhile, the World Health Organisation on Monday authorised AstraZeneca and Oxford University’s Covid-19 vaccine for emergency use, giving the green light for it to be rolled out globally through Covax.
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The local currency was traded higher against other major currencies on Tuesday, except the British pound.
It increased against the Singapore dollar to 3.0470/0512 from Monday’s close of 3.0481/0523, and strengthened vis-a-vis the euro to 4.8904/8969 from 4.8920/8979 previously.
The ringgit also appreciated against the yen to 3.8203/8248 from 3.8258/8313, but weakened against the British pound to 5.6106/6165 from 5.6033/6144. – BERNAMA