Ringgit strengthens to 4.2977 against US dollar

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KUALA LUMPUR (March 19): The ringgit strengthened against the US dollar today despite the greenback rising above major currencies overnight.

At the time of writing, the ringgit was traded at 4.2977 against the US dollar. The exchange rate so far today was between 4.2977 and 4.3295.

Over the last one year, the ringgit was transacted between 4.0520 and 4.4017 against the US dollar.

The dollar rebounded against major and most emerging Asian currencies on Monday snapping a week of declines, according to Reuters.

This is as investors braced for prolonged uncertainty and governments tightened lockdowns and launched monetary and fiscal measures to fight the coronavirus pandemic, it said.

However, Bernama quoted AxiCorp global chief market strategist Stephen Innes as saying that the local risk sentiment should be more favourable today, as both the overnight US equity markets and oil prices moved higher in lockstep.

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