Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit continued its uptrend against the US dollar at the opening today on improved demand as the 2020 Economic Stimulus Package introduced yesterday boosted investors’ sentiment, analysts said.

At 9am, the local note was trading at 4.2050/2120 against the greenback compared with 4.2100/2200 recorded at yesterday’s closing.

Yesterday, interim Prime Minister Dr Mahathir Mohamad announced the RM20 billion economic stimulus package to safeguard the country’s economy from the impact of the Covid-19 outbreak.

The package is anchored on three strategies, namely mitigating the impact of Covid-19, spurring a rakyat-centric economic growth and promoting quality investments.

Analysts said the stimulus package would provide some early growth insurance to the Malaysian economy, while also ensuring the country’s economy remains viable and is on a strong foundation in the long run.

Meanwhile, the ringgit was traded mixed against other major currencies.

It rose against the Singapore dollar to 3.0150/0211 from 3.0181/0264 but marginally eased versus the Japanese yen to 3.8398/8473 from 3.8210/8308 yesterday.

The ringgit strengthened against the British pound to 5.4219/4314 from 5.4317/4459 but depreciated vis-a-vis the euro to 4.6234/6328 from 4.6032/6154.