Ringgit extends winning streak against US dollar

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KUALA LUMPUR (Aug 25): The ringgit extended its winning streak for the third consecutive day today, bolstered by the positive market sentiment, coupled with the weaker greenback performance, dealers said.

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At 9am, the local note stood at 4.2110/2150 versus the US dollar compared with yesterday’s close at 4.2160/2190.

A dealer said the greenback remained low as investors took note of the rising Covid-19 cases in the US, which might stall bond tapering plans by its central bank.

He said investors would be closely monitoring the situation, while keeping tabs on the local Consumer Price Index data to be announced later today for future direction.

“The inflation rate is expected to be softer as the low-base effect from last year subsides,” he told Bernama.

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Meanwhile, the ringgit was traded mixed against a basket of major currencies.

It rose against the Japanese yen to 3.8345/8381 from 3.8429/8459 yesterday, strengthened versus the British pound to 5.7766/7821 from 5.7810/7851, and increased against the euro to 4.9437/9484 from 4.9458/9493 yesterday.

However, the local note depreciated vis-a-vis the Singapore dollar to 3.1082/1114 compared with yesterday’s close at 3.1075/1100.-BERNAMA