KUALA LUMPUR: The ringgit retreated from yesterday’s surge against the strengthening US dollar today as the greenback regained composure amid positive news regarding a coronavirus vaccine.
US drug maker Pfizer and German biotech firm BioNTech announced on Monday their Covid-19 vaccine candidate is more than 90 per cent effective against the novel coronavirus.
At 6pm, the local currency stood at 4.1180/1230 versus the greenback compared with Monday’s close of 4.1080/1130.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said there were some correction in the ringgit against the US dollar (USD/MYR) today.
“That is quite expected given the sharp appreciation of the ringgit yesterday following the recent conclusion of US Presidential election. But in general the USD/MYR should be positive in the near term,
“Investors will be looking at the upcoming Malaysia’s third-quarter Gross Domestic Product that will be released on November 13 for further market direction. Consensus is looking at a smaller contraction of -4.6 per cent from -17.1 per cent in the second quarter,” he told Bernama.
Against other major currencies, the ringgit was traded higher at close today, except the British pound.
It rose against the Singapore dollar to 3.0567/0606 from Monday’s close of 3.0586/0630 and improved against the euro to 4.8613/8684 from 4.8770/8850.
The local note strengthened vis-a-vis the yen to 3.9092/9151 from 3.9599/9659 but decreased against the British pound to 5.4551/4634 from 5.3922/4004 yesterday. -Bernama