Ringgit ends lower vs dollar amid surge in Covid cases

KUALA LUMPUR: The ringgit closed easier against the US dollar Monday on lack of buying support amidst surging Covid-19 cases.

At 6 pm, the local currency declined to 4.1290/1325 against the greenback from last Wednesday’s close of 4.1230/1280.

SPI Asset Management global managing partner Stephen Innes said ringgit is trading off session’s lows, finding a modicum of support from lower United States’ (US) Treasury yields and a slightly softer US dollar after last Friday’s weaker-than-expected US retail sales print.

"The ringgit is trading on a weaker note today due to the general sell-off on local Asian foreign exchange markets, with Singapore reimposing movement restrictions and Taiwan’s move to restrict gatherings after a sharp rise in case counts -- a stark reminder that we are still not out of the woods yet," he told Bernama.

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

The ringgit improved against the Singapore dollar to 3.0915/0953 from last Wednesday's 3.1023/1073, rose vis-a-vis the British pound to 5.8223/8289 from 5.8279/8353, and strengthened against the yen to 3.7808/7847 from 3.7909/7966 previously.

However, it fell against the euro to 5.0184/0235 from 5.0028/0102 previously.

The local forex market was closed last Thursday and Friday for the Hari Raya Aidilfitri celebration. - Bernama
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