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KUALA LUMPUR: The ringgit opened higher today against the US dollar, backed by the signing of the Regional Comprehensive Economic Association (RCEP) yesterday.
The RCEP agreement was signed among its 15 participating countries. Participating countries include the 10 member countries of the Association of Southeast Asian Nations (ASEAN), as well as China, Japan, South Korea, Australia and New Zealand.
At 9:06 am, the local currency was higher at 4.1150 / 1230 against the dollar compared to last Friday’s close of 4.1220 / 1260.
Axi’s chief global market strategist Stephen Innes said the signing of RCEP will be favorable to the local note, as will the general tailwind of the COVID-19 vaccine, which would reduce the chances of some of the markets with more negative extreme scenarios.
“The dollar should also weaken a bit overall under this scenario, which should boost the ringgit today,” he told Bernama.
Against other major currencies, the ringgit traded mainly lower at today’s open.
It fell against the Singapore dollar to 3.0570 / 0643 from last Friday’s close of 3.0558 / 0608 and declined against the British pound to 5.4384 / 4494 from 5.4291 / 4360.
The local note weakened against the yen to 3.9329 / 9417 from 3.9246 / 9288 but appreciated against the euro to 4.8734 / 8845 from 4.8743 / 8802 previously. – Bernama
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