Ringgit rebounds against US dollar in early trade

ringgit rebounds against us dollar in early trade

At 9.00am, the local currency strengthened to 4.0390/0420 against the US dollar from yesterday’s close of 4.0420/0450. — Reuters pic

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KUALA LUMPUR, Feb 24 ― The ringgit rebounded in early trade today as risk appetite for the local currency improved, thanks to the firmer oil prices.

At 9.00am, the local currency strengthened to 4.0390/0420 against the US dollar from yesterday’s close of 4.0420/0450.

At press time, the Benchmark Brent crude rose 0.2 per cent to US$65.37 per barrel due to concerns over the ongoing supply disruptions.

Axi chief global market strategist Stephen Innes said central banks in Asia are forced to recalibrate their policy with the United States Federal Reserve (US Fed), allowing the US economy to run hot, potentially weakening the greenback.

However, the greenback posted modest gains last night after US Fed’s chair Jerome Powell pushed back on suggestions that loose monetary policy risked unleashing inflation.

In his speech to the Senate Banking Committee yesterday, Powell said the central bank plans to keep up its growth-stoking policies, with a focus on getting Americans back to work.

Meanwhile, the ringgit was traded mixed against other major currencies…

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