KUALA LUMPUR (Jan 4): The ringgit opened on a firm note on the first trading day of 2021. The local currency breached RM4 against the greenback, its first since June 2018.
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The ringgit was quoted at RM3.995 against the US dollar as at 10.30am, compared with last Thursday’s close at 4.0200/0250.
Axi chief global market strategist Stephen Innes was quoted by Bernama saying that the market continued to build in boatloads of optimism about a global growth recovery in 2021 and an accompanying downward trajectory for the US dollar as the primary consensus view.
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Bernama also reported, quoting Innes, that optimism widespread Covid-19 vaccine distribution will provide the ultimate economic kick-start had offered a massive booster shot to corporate profits.
The ringgit was traded higher against other major currencies.
It increased against the Singapore dollar to 3.0365/0414 from 3.0395/0444 last Thursday, rose versus the euro to 4.9082/9156 from 4.9358/9427, appreciated vis-a-vis the Japanese yen to 3.8898/8958 from 3.9018/9078, and edged up against the British pound to 5.4829/4901 from 5.4905/4977. BERNAMA