Ringgit continues downward trend


KUALA LUMPUR: The ringgit opened lower against the US dollar today on lack of demand, as the stronger greenback mitigated interest for the local currency, said a dealer.

At 9.05am, the local currency was traded at 4.1570/1630 versus the US dollar compared with Wednesday's close of 4.1520/1570.

The market was closed yesterday for the Maulidur Rasul (the birthday of Prophet Muhammad) celebration.

The dealer said Malaysia returned from holiday today to a market gripped by reopening fears, uncertain oil market, and the escalating COVID-19 cases globally, still lingering on the horizon.

On the other hand, the upcoming Malaysia's Budget 2021 announcement on Nov 6 also weighs on the local currency trends.

Meanwhile, the ringgit was traded mostly higher against other major currencies.

It improved against the Singapore dollar to 3.0419/0474 from Wednesday's close of 3.0469/0517 and rose against the British pound to 5.3746/3828 from 5.3860/3929.

The ringgit ticked up against the euro to 4.8525/8611 from 4.8778/8841 and increased versus the yen to 3.9765/9834 from 3.9835/9894 previously. - Bernama
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Ringgit ,  US dollar , COVID-19 ,  oil prices

   

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