KUALA LUMPUR (Aug 5): The ringgit appreciated to its highest in five months at 4.1955 against the greenback, which has weakened as pandemic aid in the US appear stuck in legislative gridlock.

Reuters reported that the US dollar was under pressure as the latest Covid-19 relief package got bogged down in Congress and investors braced for a bumpy ride to economic repair.

Today, the ringgit was traded against the greenback between this five-month low and 4.2170 while the exchange rate has hovered between 4.0547 and 4.4470 over the past year.

The ringgit appears to be underperforming against the US dollar in comparison with major and regional currencies, falling to the bottom of the pack, but was not the worst performer.

Since the beginning of the year, the ringgit has depreciated 2.53% against the greenback.

Meanwhile, the British pound and Singapore dollar have receded 1.19% and 1.78% respectively, according to Bloomberg data.

The Indonesian rupiah, which has depreciated by 4.7%, came out the worst performer, trailed by the Thai baht and South Korean won, which fell 3.34% and 2.73% respectively.

Meanwhile, the Japanese yen, Australian dollar and Chinese renminbi fared better, strengthening 2.73%, 2.55% and 0.29% respectively against the US dollar.

The euro emerged as the top performer, rising 5.56% year-to-date against the US dollar.

The past year has seen the ringgit/US dollar exchange rate remain mostly below the 4.2000 level until the end of February.

The ringgit then slumped to a low of 4.4470 on March 23 before progressively recovering to current levels.