Ringgit rebounds on improved interest towards riskier appetite

KUALA LUMPUR: The ringgit rebounded from yesterday’s losses to trade higher against the US dollar at the early session today as a positive outlook on the global economy shifted investors’ interest towards riskier appetite, including the ringgit, dealers said.

At 9.01am, the ringgit was quoted at 4.3380/3450 compared with yesterday’s close of 4.3660/3740.

A dealer said investors were positive on news that US President Donald Trump’s administration is prepared to take further steps if needed to shore up the nation’s economy during the Covid-19 outbreak.

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

The local currency went up against the Singapore dollar to 3.0603/0663 from 3.0606/0667 on Monday and appreciated versus the Japanese yen to 4.0427/0486 from 4.0686/0768.

The ringgit also fell vis-a-vis the euro to 4.7367/7456 compared with 4.7179/7283 at yesterday’s close and weakened against the British pound to 5.2980/3038 from 5.2925/2039 previously.