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Ringgit rebounds to open higher against US dollar

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ringgit against us dollar
KUALA LUMPUR: Amid declining global oil prices, the ringgit has rebounded to open higher against the US dollar today on renewed demand, an analyst said.
The local currency stood at 4.0890/0950 against the greenback at 9.10am compared to the close yesterday of 4.0960/0010.
The ringgit remains attached to the Covid-19 yo-yo string, Axi chief global market strategist Stephen Innes said.

For any nation with a large oil export quotient, he said. Their currency feels the ups and downs of the choppy oil market.

Crude oil from Brent stood at US$44.18 per barrel, while crude oil from WTI traded at US$41.65 per barrel.

With another lockdown warning, especially in California, it is likely that risk traders will need to price defensively by the weekend. So I would think that the local note would also trade on a defensive axis,’ he told Bernama.

According to media reports, the governor of California issued a stay-at-home order and a curfew for the state from Nov 21 to Dec 21.

ringgit against us dollar

Against other major currencies, except for the Singapore dollar, the ringgit was mostly traded lower.

Compared with 3.0417/0466 yesterday, the local note was marginally higher against the Singapore dollar at 3.0411/0464, but decreased from 5.4092/4191 against the British pound to 5.4216/4304.

After that, it also declined versus the euro to 4.8557/8632 from 4.8452/8523 and vis-a-vis the yen. It fell to 3.9382/9442 from 3.9362/9414 on Thursday.

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Ringgit rebounds to open higher against US dollar

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