Ringgit strengthens against all major currencies

By Bernama - October 19, 2020 @ 10:11am

KUALA LUMPUR: The ringgit improved further to open slightly higher versus the US dollar today, tailing a strong Chinese yuan and positive China data, dealers said.

At 9am, the local currency stood at 4.1430/1480 versus the greenback, compared with 4.1470/1520 at last Friday's close.

Axi chief global market strategist Stephen Innes said the gravitational pull of the Chinese yuan should be felt in high beta China growth currencies like the ringgit, as traders parse China Gross Domestic Product (GDP) data this morning, which is expected to show a fast pace of economic normalisation post Covid-19.

"With the yuan trading stronger on Friday, assuming the People's Bank of China does not toss out another Renminbi speedbump at the Fix, the ringgit could trade on a good tangent this morning," he told Bernama.

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

It improved against the Singapore dollar to 3.0515/0563 from last Friday's close of 3.0517/0556, and increased against the British pound to 5.3598/3667 from 5.3654/3735.

The local currency was slightly higher against the euro at 4.8552/8623 from 4.8553/8628 last Friday, and rose versus the yen to 3.9307/9359 from 3.9409/9460. - Bernama