Weaker US dollar boosts the local note. FMTNews Ringgit Trading Currency
KUALA LUMPUR: The ringgit continued yesterday’s upward momentum to trade higher against the US dollar in the early session today on a broadly weaker greenback following the announcement of another stimulus measure by the US Federal Reserve .At 9.03am, the ringgit was quoted at 4.3180/3270 against the US dollar compared with yesterday’s close of 4.3320/3380.
The US has recorded 6.6 million unemployment claims, which he said was an indication of the dire straits of the labour markets and economic dislocation following the spread of Covid-19. He noted the ringgit had appreciated this morning against the greenback and the trend might continue as governments across the globe get ready to pump-prime into their economies, be it fiscal or monetary.
Meanwhile, AxiCorp global chief market strategist Stephen Innes said the Organization of the Petroleum Exporting Countries and allied oil producers’ meeting yesterday has decided to cut 10 million barrel per day.
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