"The ringgit is a huge beneficiary as the stars around oil, exports, and travel are aligned with the vaccine optimism, and this should clear the runway for the ringgit’s strong headstart for 2021," Axi chief global market strategist Stephen Innes said. KUALA LUMPUR: The ringgit remained on an upward trend Thursday morning, opening stronger versus the US dollar as Covid-19 vaccine optimism offset the negative pandemic developments, said Axi chief global market strategist Stephen Innes. At 9am, the ringgit was at 4.0260/0310 versus the greenback, from Wednesday's close of 4.0350/0390. Innes said the quick roll-out of the vaccine in the UK was giving hope that the issues on the logistical distribution of the vaccine throughout the rest of the world will be easily overcome, resulting in a sooner-than-expected economic boom. "The ringgit is a huge beneficiary as the stars around oil, exports, and travel are aligned with the vaccine optimism, and this should clear the runway for the ringgit’s strong headstart for 2021. "The year-end activities are expected to dominate today, so currency trading will turn more transactional rather than speculative, ” he told Bernama. The firmer ringgit performance was also supported by higher oil prices. As of the time of writing, benchmark Brent crude increased by 0.5 per cent to US$51.34 per barrel. Meanwhile, the ringgit was traded mostly easier against other major currencies. It decreased against the Singapore dollar to 3.0447/0492 from 3.0441/0481 on Wednesday and was lower against the British pound to 5.4931/5011 from 5.4775/4846 previously. However, the local note appreciated versus the euro to 4.9540/9618 from 4.9497/9559 yesterday and rose slightly against the Japanese yen to 3.9034/9087 from 3.9084/9126 previously. - Bernama
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