KUALA LUMPUR: The ringgit opened slightly higher against the US dollar on buying support today after yesterday’s downtrend amid a possible realignment of the country’s political forces and the ongoing Covid-19 outbreak.
An analyst said the ringgit improved after Bank Negara Malaysia came out with a statement yesterday saying it is closely monitoring conditions in the financial markets, following the latest developments on the country’s political landscape. Meanwhile, the analyst said the ringgit was also supported by the institutional investors who have intervened in the market to stabilise the local currency.
“In this environment, foreign investors have gone cold on riskier assets in favour of the umbrella of US treasuries, which is creating US dollar demand,” he said.
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