For the first time since August last year, the ringgit has breached the RM4 level against the US dollar.
Bernama reports that the exchange rate climbed as high as RM3.98 to US$1 yesterday, along with ‘renewed optimism over crude oil prices’.
The report quotes a dealer as saying that the Organisation of the Petroleum Exporting Countries (OPEC) expects a moderate rebound in crude oil price from its meeting in Doha on April 17 to discuss output caps.
The Star Online meanwhile, quotes Alliance Bank chief economist Manokaran Mottain as saying that while this was a ‘good sign’, currency value could show volatility for some time, along with volatility in crude oil prices.
“At the moment, temporary relief is being provided for it largely due to crude, which is trading higher at above US$40 per barrel, but we don’t think it (oil) has reached a steady level yet, ” he told The Star.
