KUALA LUMPUR: The ringgit eased against the US dollar at the opening, mostly lower versus a basket of currencies on lack of market participation, despite the recovery in crude oil price and improving economies.
AxiCorp chief global market strategist Stephen Innes said the ringgit is expected to rebound, benefiting from improving regional growth differentials as China’s economy continues to recover fast. “Throw in a dose of stabilising oil prices, and the underdog ringgit continues to show true grit,” he told Bernama.
It said support for the local note would be stronger if the US’ recovery is hindered by rising Covid-19 cases, renewed local lockdowns and more quantitative easing programmes to stimulate the economy by the US Federal Reserve.
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