KUALA LUMPUR: The ringgit pared earlier gains but managed to stay above the 4.11 level to close higher against the US dollar today, as domestic concerns on surging COVID-19 cases continued to weigh on the local currency.
At 6 pm, the local note stood at 4.1050/1100 against the greenback compared with Friday’s close of 4.1100/1140.
SPI Asset Management global managing partner Stephen Innes said the ringgit’s momentum gave way after opening on a better footing today as the traders were cautious given the rising COVID-19 cases and concerned on the domestic economic outlook.
New COVID-19 cases in Malaysia continued to breach the 3,000 mark with 3,807 cases recorded in the last 24 hours, bringing the cumulative total to 444,484 cases today.
Nevertheless, he said the ringgit was supported by steadier oil prices with the benchmark Brent crude currently trading at around US$68 per barrel.
"Meanwhile, US Treasury yields continue to remain firm due to inflationary concerns and have offered support to the greenback ahead of the US Consumer Price Index report on Wednesday, ” he told Bernama.
Meanwhile, the ringgit was traded lower against other major currencies.
It fell against the British pound to 5.7839/7922 from 5.7203/7267 at Friday’s close and weakened against the yen to 3.7740/7797 from 3.7662/7702 previously.
The local note eased vis-à-vis the Singapore dollar to 3.0979/1033 from 3.0870/0916 on Friday and declined against the euro to 4.9925/0998 from 4.9632/9697. - Bernama