A foreign tourist inquires about exchange rates on the Malaysian ringgit at a foreign currency money-changer in Kuala Lumpur on August 24, 2015. — AFP pic
“The spending pattern in the US has shown an increase, which gives a ray of hope that the global market is steadily on a rebound mode as countries manage to curb the Covid-19 spread,” she said. Mirroring the rise in consumer spending, US retail sales soared by a record-breaking 17.7 per cent in May. She noted that dark clouds still loomed over the global oil market as a second Covid wave in China could upend crude oil recovery, which would directly hurt the national coffers, which were already facing doubling deficit pressure.Against other benchmark currencies, the ringgit was traded mostly higher.
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