Ringgit hits 3.995 against US dollar, highest since June 2018

Ringgit hits 3.995 against US dollar, highest since June 2018
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KUALA LUMPUR (Jan 4): The ringgit opened on a firm note on the first trading day of 2021. The local currency breached RM4 against the greenback, its first since June 2018. 

The ringgit was quoted at RM3.995 against the US dollar as at 10.30am, compared with last Thursday's close at 4.0200/0250. 

Axi chief global market strategist Stephen Innes was quoted by Bernama saying that the market continued to build in boatloads of optimism about a global growth recovery in 2021 and an accompanying downward trajectory for the US dollar as the primary consensus view.

Bernama also reported, quoting Innes, that optimism widespread Covid-19 vaccine distribution will provide the ultimate economic kick-start had offered a massive booster shot to corporate profits.

The ringgit was traded higher against other major currencies.

It increased against the Singapore dollar to 3.0365/0414 from 3.0395/0444 last Thursday, rose versus the euro to 4.9082/9156 from 4.9358/9427, appreciated vis-a-vis the Japanese yen to 3.8898/8958 from 3.9018/9078, and edged up against the British pound to 5.4829/4901 from 5.4905/4977, Bernama reported.