At 5pm, the ringgit was 190 basis points firmer at 4.1630/1680 against the greenback from Friday’s close of 4.1820/1870.

OANDA Head of Trading Asia-Pacific Stephen Innes said oil prices, which appreciated over 5% today, triggered the aggressive move on the ringgit.

He also said the 90-day trade truce between the United States and China sparked a relief rally across local equity markets, Asian foreign exchanges and commodity markets.

“The stars are aligned today for the ringgit as oil prices were firmer, equities stabilised and foreign inflow into the bond markets triggered a surprising rally in the ringgit,” Innes told Bernama.

The ringgit also ended firmer against other major currencies.

It rose against the Singapore dollar to 3.0474/0515 from Friday’s close of 3.0499/0546, improved against the yen to 3.6695/6748 from 3.6843/6903 and appreciated against the euro to 4.7312/7373 from 4.7545/7619.

The ringgit also advanced versus the pound to 5.3195/3275 from 5.3375/3443 on Friday.