Ringgit leads regional charge against USD on vaccine optimism and canned HSR

Singapore

MALAYSIA'S ringgit welcomed 2021 by rising against the US dollar, in a movement underpinned by Covid-19 vaccine optimism and the news that the high-speed rail (HSR) project that was to connect Malaysia's capital Kuala Lumpur to Singapore would be canned.

The ringgit led the charge by regional currencies against the greenback, crossing the four-level mark to trade around 3.9 to the dollar. In contrast, the Kuala Lumpur Composite Index (KLCI) fell about 2 per cent, led by weakness among glove makers, to hit 1,593.12 on Monday, down from the previous close at 1,627.21.