KUALA LUMPUR: The ringgit snapped its seven-day losing streak against the US dollar today, lifted by improved investors’ risk appetite ahead of the government’s Economic Stimulus Package announcement tomorrow.
At 6pm, the local note appreciated to 4.2230/2280 against the greenback from 4.2310/2350 on Tuesday.
In a tweet, the interim Prime Minister Tun Dr Mahathir Mohamad said he attended a meeting with the Finance Ministry’s top officials in regards to the tabling of the economic package.
The initiative aimed to stimulate Malaysia’s economy and mitigate any adverse repercussions arising from the Covid-19 outbreak and other external uncertainties.
“This (stimulus package) announcement would help restore investors’ confidence in the market, which has been under pressure recently due to uncertainties in the local political landscape,” an analyst told Bernama.
Meanwhile, the ringgit was traded mostly higher against other major currencies.
It rose against the Singapore dollar to 3.0205/0245 from 3.0256/0289 on Tuesday, increased versus the Japanese yen to 3.8280/8335 from 3.8324/8371 and strengthened against the British pound to 5.4679/4761 from 5.4969/5038 yesterday.
The local note, however, depreciated vis-a-vis the euro to 4.5980/5047 from 4.5902/5962 previously. – Bernama