By Zairina Zainudin
KUALA LUMPUR, Aug 6 -- The ringgit extended its upward momentum for the eighth consecutive trading day, closing firmer against the US dollar today amid a weaker greenback, stable oil prices and upbeat expectation on the second-quarter (Q2) economic performance, dealers said.
The local currency settled at 4.1880/1920 against the US dollar compared with 4.1930/1960 at 6 pm on Wednesday.
A dealer said risk appetite in the market improved as global funds chased for yield against the backdrop of bearish greenback sentiment due to fiscal stimulus uncertainty and the US-China tensions, among others.
Meanwhile, Bank Negara Malaysia is scheduled to announced the Q2 2020 gross domestic product performance on Aug 14, which is widely anticipated to be weak given the COVID-19 pandemic that caused the economy to partially shut down during the period.
“Although the Q2 numbers will not be a favourable ones, Malaysia's economy has been performing well compared to other countries as we lifted the (movement) restrictions earlier as cases flattened.
“There can be a positive surprise that growth is better than expected,” he told Bernama.
Against other benchmark currencies, the ringgit ended mixed.
It rose against the Singapore dollar to 3.0558/0599 from 3.0619/0646 recorded on Wednesday and strengthened versus the euro to 4.9665/9730 from 4.9709/9760 yesterday.
The local currency, however, slipped against the Japanese yen to 3.9663/9708 from 3.9661/9701 and depreciated vis-a-vis the British pound to 5.5177/5234 from 5.5046/5106 previously.