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By S. Kisho Kumari
KUALA LUMPUR, April 30 -- The ringgit ended the week on a higher note against the US dollar today on steady crude oil prices, as well as optimism on Malaysia’s economic growth this year, said an analyst.
At 6 pm, the local currency soared 130 basis points (bps) to close at 4.0870/0930 against the greenback from Wednesday’s close of 4.1000/1050.
The market was closed yesterday in conjunction with Nuzul al-Quran holiday.
The Asian Development Bank (ADB) recently said Malaysia’s gross domestic product is projected to rebound to six per cent in 2021 and stabilise at about 5.7 per cent in 2022, supported by the rollout of COVID-19 vaccines and continued accommodative fiscal and monetary policies.
“Pickup in global demand for trade should push local and foreign investment upwards as capital and consumer spending recover gradually,” the analyst told Bernama, adding that accommodative monetary policy should also be supporting demand.
Nevertheless, he said the ringgit was supported by steadier oil prices wherein the benchmark Brent crude is currently trading around US$67 per barrel.
Meanwhile, the ringgit traded higher against other major currencies.
It surged against the Singapore dollar to 3.0785/0839 from 3.0911/0955 on Wednesday and rose versus the Japanese yen to 3.7520/7581 against 3.7646/7695 previously.
The local note appreciated versus the euro to 4.9428/9509 from 4.9467/9539, and increased against the British pound to 5.6834/6930 from 5.6941/7018 previously.