Ringgit higher against US dollar in early session

KUALA LUMPUR: The ringgit remained higher against the US dollar in the early session today, in line with emerging Asian currencies as more investors shifted away from the safe-haven currencies, a dealer said.

As at 9.15am, the ringgit stood at 4.2400/2450 against the US dollar from 4.2410/2470 at 6pm yesterday.

The dealer said that the greenback continued its downtrend on Thursday after the US Federal Reserve (Fed) repeated its pledge to limit the damage from Covid-19, with surging new cases hampering the progress of economic recovery.

He said the Fed’s policy statement released at the end of its two-day meeting earlier today directly tied the economic recovery to the end of the health crisis.

Back home, the ringgit also gained some support from Prime Minister Muhyiddin Yassin’s announcement yesterday on the extension of the loan repayment moratorium by three months for those who lost their jobs due to Covid-19.

Meanwhile, the ringgit was traded mixed versus other benchmark currencies except the euro.

The local note increased against the Singapore dollar to 3.0827/0875 from 3.0839/0892 previously and strengthened versus the Japanese yen to 4.0350/0402 from 4.0414/0475.

Against the euro, the ringgit declined to 4.9909/9972 from 4.9819/9894 yesterday and depreciated against the British pound to 5.5031/5100 from 5.4993/5079.