Ringgit rises on Covid vaccination news

  • Forex
  • Tuesday, 25 May 2021

KUALA LUMPUR: The ringgit rebounded from yesterday’s close to open higher against the US dollar today, on renewed buying support due to positive development of the COVID-19 vaccine rollout, dealers said.

At 9.06am, the local note was higher at 4.1400/1440 against the greenback from Monday’s close of 4.1440/1480.

A dealer said that the local market reacted positively as the COVID-19 Immunisation Task Force (CITF) said that Malaysia has more than enough vaccines for its people.

In a statement on Monday, CITF said Malaysia has spent RM3.5 billion to procure COVID-19 vaccines for 120 per cent of its population or 38.5 million people.

It said as most of the vaccines procured were two-dose vaccines, the total number of doses Malaysia had procured was 73.5 million doses, and not 32 million.

Meanwhile, the local note, however, traded lower against other major currencies.

The ringgit fell against the Singapore dollar to 3.1186/1219 from Monday’s close of 3.1165/1207 and weakened vis-a-vis the euro to 5.0607/0660 from 5.0602/0660.

The local currency went down against the British pound to 5.8647/8720 from 5.8575/8640 and depreciated against the yen to 3.8065/8113 from 3.8057/8097. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Ringgit , Closing , US dollar ,  COVID-19 , CITF , Vaccines


Next In Business News

Asia-Pacific banking sector to declare RM922bil dividends for FY22
Bursa's relief rally fizzles on OPR fears
Sime Darby divesting Weifang Port companies for RM1.27bil
Ringgit opens flat ahead of OPR decision later this week
Greater earnings visibility from Gamuda's RM1.97bil job win
Foreign net selling of Bursa equities picks up to RM320.3mil
Slow start on Bursa on ongoing inflation fears
Trading ideas: Gamuda, Mudajaya, Yinson, AmFIRST REIT, DNeX and GCapital
Malaysia central bank to hike rates again in July and September
Confidence drains from UK companies as economic woes mount

Others Also Read