Ringgit weakens amid continued political uncertainty

KUALA LUMPUR: The ringgit extended its downtrend against the US dollar at the opening today as the country’s political uncertainty drags on amid reports of a unity government in the works and calls for a snap election, analysts said.

This local note was further weakened by the renewed concerns about the depth and duration of the COVID-19 impact on global growth.

At 9 am, the local note fell to 4.2350/2390 against the greenback from 4.2310/2350 at Tuesday's close. Despite resigning as the country’s seventh Prime Minister, Tun Dr Mahathir Mohamad has been appointed by the Yang di-Pertuan Agong Al-Sultan Abdullah Riáyatuddin Al-Mustafa Billah Shah as the Interim Prime Minister.

Yesterday, the Yang di-Pertuan Agong held personal interviews with about 90 members of parliament (MPs) and the at Istana Negara, while the remaining 132 MPs will be held today, amid frantic efforts to bring the nation’s political turmoil to an end.