KUALA LUMPUR: The ringgit snapped back from previous losses to close marginally higher against the US dollar today as traders’ risk appetite improved slightly despite COVID-19 concerns.
The local currency rose to 4.2300/2350 against the greenback from 4.2350/2400 at yesterday’s close.
A dealer said investors were mixed in their demand for emerging currencies including the ringgit amid persistent concerns over Covid-19.
Meanwhile, oil prices climbed for the second day on Wednesday, before closing in the red amid investors’ hope that US producers will cut output, after Monday’s crash which resulted from a Saudi Arabia-Russia spat over production cuts.
International benchmark Brent crude oil declined 1.93% to US$36.50 per barrel at the close.
Against other major currencies, the ringgit was traded higher.
It rose against the Singapore dollar to 3.0425/0468 from Tuesday’s close of 3.0481/0526 and increased versus the Japanese yen to 4.0263/0322 from 4.0472/0531.
The local unit appreciated against the British pound to 5.4812/4894 from 5.5305/5374 and improved vis-a-vis the euro to 4.7812/7877 from 4.8063/8137 yesterday. – March 11, 2020, Bernama
