KUALA LUMPUR: The ringgit advanced against the US dollar in the early session today on better demand for the local note as the greenback, a safe haven-linked currency, succumbed against the backdrop of firm risk-on sentiment.
In a note, AmBank Group chief economist/head of research Anthony Dass said the greenback has been under heavy pressure since the start of the month and could now extend the downtrend as countries begin relaxing lockdowns. This has helped push crude oil prices to the best month on record. “Hence for this pair in June, the most likely scenario is a price rise for the ringgit. On that note, the projected high for June is 4.22 and low at 4.31,” he added.
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