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KUALA LUMPUR (Dec 11): The ringgit advanced against the US dollar for the third day in a row today amid recent gains in oil prices and lower demand for the dollar, an analyst said.
At 6:00 pm, the local note rose 100 basis points to 4.0500 / 0550 from Thursday’s close of 4.0600 / 0620.
Axi’s global chief market strategist Stephen Innes said the market is seeing a big rebound in commodity prices and that now crude oil is catching up earlier than expected due to the emergency rollout of the Covid-19 vaccine worldwide.
“The Covid-19 vaccine also suggests that tourism channels beyond districts will soon open, paving the way for international travel,” he told Bernama.
Previously, the local note rose to a more than two-year high at 4.0483 against the US dollar, wiping out its pandemic-driven losses this year.
The ringgit touched 4.4410 against the US dollar on March 23 of this year.
Meanwhile, the ringgit also traded mostly higher against other major currencies.
It rose against the Singapore dollar to 3.0301 / 0332 from Thursday’s close at 3.0348 / 0368 and was much higher against the British pound at 5.3537 / 3585 from 5.4063 / 4106 yesterday.
The ringgit appreciated against the euro to 4.9074 / 9122 from 4.9142 / 9183 on Thursday, but fell against the Japanese yen to 3.8927 / 8964 from 3.8863 / 8889 previously.
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