THE ringgit continued its uptrend against the US dollar at the opening today on improved demand as the 2020 economic stimulus package introduced yesterday boosted investors’ sentiment, analysts said.
At 9am, the local note was trading at 4.2050/2120 against the greenback compared with 4.2100/2200 recorded at yesterday’s closing.
Yesterday, interim Prime Minister Tun Dr Mahathir Mohamad announced the RM20 bil economic stimulus package to safeguard the country’s economy from impacts associated with Covid-19, spurring rakyat-centric economic growth and promoting quality investments.
Analysts said the stimulus package would provide some early growth insurance to the Malaysian economy, while also ensuring Malaysia remains on a strong foundation and economic viability in the long run.
Meanwhile, the ringgit was traded mixed against other major currencies.
It rose against the Singapore dollar to 3.0150/0211 from 3.0181/0264 but marginally eased versus the Japanese yen to 3.8398/8473 from 3.8210/8308 on yesterday.
The ringgit strengthened against the British pound to 5.4219/4314 from 5.4317/4459 but depreciated vis-a-vis the euro to 4.6234/6328 from 4.6032/6154 yesterday. – Feb 28, 2020, Bernama
