KUALA LUMPUR: Steady crude oil prices, positive market sentiment in Malaysia and optimism over US-China trade talks pushed the ringgit to finish at its highest level in more than six months.
At 5pm, the local note surged 140 basis points, or 18%, to 4.0640/0700 against the US dollar from 4.0780/0830 on Tuesday, the highest level since Aug 1, 2018 when it touched 4.0640/0680.
A dealer said the steadier crude oil prices which saw benchmark Brent crude hover above US$66 per barrel today, continued to fuel investor optimism as firmer oil prices was a boon to the country’s oil and gas revenue.
“Meanwhile, news that Malaysia is in the last mile in its negotiations with China for a lower price tag for the US$20 billion East Coast Rail Link project also helped improve market sentiment in the country,“ he said.
Externally, the dealer said rising hopes for progress on the US-China trade talks that resumed this week had whipped up investor appetite for riskier emerging market currencies.
“This has lent support to the ringgit’s performance,“ he added.
At the close, the ringgit was, however, traded mostly lower against other major currencies, except against the Japanese yen.
It slid against the Singapore dollar to 3.0066/0115 from 3.0052/0093 on Tuesday, declined against the British pound to 5.2986/3081 from 5.2680/2761 and retreated versus the euro to 4.6106/6195 from 4.6085/6158.
Vis-a-vis the Japanese yen, the local unit appreciated to 3.6679/6743 from 3.6812/6867 previously. — Bernama
KUALA LUMPUR, Feb 20 — Steady crude oil prices, positive market sentiment in Malaysia and optimism over US-China trade talks pushed the ringgit to finish at its highest level in more than six months. At 5pm, the local note surged 140…
KUCHING: Huawei’s latest addition in its affordable range; the nova 4, boasts an almost complete screen-to-body ratio, offering a more immersive viewing experience for its users on its 6.4 inch full-view display. With its 86.3 per cent screen-to-body ratio, the new nova 4 is further enhanced by its gradient design colour, already seen in its […]
After years of tepid development, Malaysia’s automotive industry has finally shifted into high gear with the launch of new vehicles under local brands and improved total industry volume, driven by heightened demand and a recovery in consumer sentiments. The automotive industry, while small, contributes about RM40 billion or four per cent to Malaysia’s gross domestic […]
MOUNTAIN VIEW: Will flying cars take off at the upcoming Consumer Electronics Show? Well, sort of. The prototypes won’t be soaring over the Las Vegas Strip during the technology extravaganza which runs from January 8-11. But a number of flying car designs will be on display, portending what many see as an inevitable airborne future […]
BEIJING, Dec 5 — Car sales are falling in China this year but one brand is speeding ahead: The national “Red Flag” sedan is flying high, powered by purchases from the government, state companies and patriotic citizens. Beloved by Chairman Mao…
As the backbone of the digital economy, internet connectivity – or high speed internet connectivity in particular – is vital to ensure a nation’s continued digital growth at optimum speed. For the nation to develop its digital economy, high speed internet connectivity needs to be easily accessible by the mass market. However, even as internet […]
MOSCOW/LONDON: It was billed as the deal that proved Russia remained open for business. “I want to congratulate you”, Russian President Vladimir Putin told his trusted ally Igor Sechin, after greeting him with a warm handshake in the Kremlin in December, 2016. Sechin had just announced the sale to Qatar’s sovereign wealth fund and giant […]