Ringgit lower on resurgence in global Covid-19 cases

  • Forex
  • Wednesday, 24 Mar 2021

KUALA LUMPUR: The ringgit was lower versus the US dollar at opening Wednesday amid the resurgence in COVID-19 cases globally which has dented investor sentiment, dealers said.

At 9 am, the local note fell to 4.1330/1360 against the greenback from 4.1200/1250 recorded at Tuesday’s close.

Axi chief global market strategist Stephen Innes said investors ran for cover with the US bonds and US dollar as save harbour to ride the third wave of COVID-19 storm at various hot spots worldwide.

It was reported that a third wave of COVID-19 across the globe, especially in Europe due to highly contagious coronavirus variants had reignited concerns over another round of economic restrictions.

The local note was traded mostly lower against a basket of major currencies, except the euro whereby it rose to 4.8935/8987 from 4.8983/8059 at yesterday’s close.

The ringgit depreciated against yen to 3.8050/8081 from 3.7909/7966, fell versus the Singapore dollar to 3.0697/0726 from 3.0673/0717 and declined vis-a-vis the British pound to 5.6754/6812 from 5.6749/6834. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

Amanat Lebuhraya Rakyat successfully prices RM5.5bil AAA-rated Sustainability Sukuk Murabahah
Sterling slips back with euro on persistent UK fiscal angst despite BoE bond-buying
Ringgit rebounds vs US$ amid volatile forex market
Sime Darby pulls ahead in EV offerings
Bursa joins global rally as UK central bank pivots to bond purchasing
Trading ideas: Central Global, Ageson, Heng Huat Resources Group, Kim Loong Resources and Scientex Packaging
Survey finds cost and labour issues the main hindrance
RHB Bank issues RM500m notes
Uchi Tech sells property in Penang
IHH to gain from return of medical tourists

Others Also Read