KUALA LUMPUR, Nov 11 — The ringgit finished the week with a rally, surging 1.59 per cent against the greenback as a softer US inflation reading and relaxation of China's Covid-19 curbs bolstered the local currency.
At 6pm, the local note jumped to 4.6200/6250 against the US dollar from Thursday’s close of 4.6950/6990.
SPI Asset Management managing director Stephen Innes said the ringgit's ascent can continue if China adopts a less hardline position on rising Covid-19 cases there.
"Initial signals are encouraging, with China reducing quarantine times for entering travellers, a significant signal that contradicts prior (reaction) to the Covid-19 waves.
"Investors are growing more sensitive to the reopening news (in China) than the lockdowns, so hope springs eternal that there is finally some room for fine-tuning Covid controls in China,” he told Bernama. — Bernama