( KUALA LUMPUR, 12nd August 2020 ) The continuation of the COVID-19 outbreak in Victoria, Australia, coupled with higher international oil prices, has driven the exchange rate of the Malaysian ringgit against the Australian dollar back to "2".
Data show that the ringgit against the Australian dollar rose to 2.9867 ringgit today. At midday, the ringgit was quoted at 2.9887 against the Australian dollar, compared with 3.0070 ringgit on Tuesday. AxiCorp Financial Services Company’s Global Markets Chief Strategy Officer Yuan Steven said: “Although the risks of trade negotiations have cooled, the ringgit is still vulnerable to external factors such as falling oil prices and rising returns on US Treasury bonds.”
There is no progress in the new US fiscal revitalization plan, which dragged down oil prices on Tuesday. However, an analysis report on Wednesday pointed out that the decline in US crude oil inventories may exceed market expectations, reflecting the strong fuel demand in the world’s largest economy and driving the Asian market Brent Crude oil prices rose, rising 0.3% to $44.65 per barrel during the session.
**Info & Image are taken online
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