KUALA LUMPUR: The ringgit opened higher today against the US dollar on better demand due to investors’ improved risk appetite ahead of the government’s economic stimulus package announcement later today.
The stimulus package aims to revitalise Malaysia’s economy and mitigate any adverse repercussions arising from the Covid-19 outbreak and other external uncertainties.“This announcement would help restore investors’ confidence in the market, which has been under pressure recently due to uncertainties in the local political landscape as well as the Covid-19 outbreak,” he said in a tweet yesterday.
Meanwhile, AxiCorp chief market strategist Stephen Innes said foreign investors have resumed demand for Malaysia’s bonds as Bank Negara Malaysia is expected to cut its interest rate moving forward.
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