Ringgit opens lower on high Covid tally

KUALA LUMPUR: The ringgit opened slightly lower against the US dollar today, as buying sentiment for the local unit deteriorated after Malaysia reported its second-highest daily COVID-19 cases on record yesterday.

On Thursday, the daily COVID-19 tally rose to 13,034, bringing the nation’s cumulative number of cases to 964,918.

At 9.05 am, the local note eased to 4.2210/2245 versus the greenback from 4.2205/2250 at yesterday's close.

However, ActivTrades trader Dyogenes Rodrigues Diniz said the US dollar has started to fall against the ringgit.

"The decline was expected by the market, as it is natural that investors want to take profit after every directional movement,” he told Bernama.

On top of that, he said the ringgit had touched a major resistance around the 4.2400 level against the greenback, which added to the selling pressure.

From a technical point of view, Diniz said the ringgit could rise to the 4.1700 level versus the US dollar, where it could find some buying pressure and possibly resume the previous uptrend.

At the opening bell, the local note was traded mostly lower against a basket of major currencies, except against the euro, where it strengthened to 4.9707/9754 from yesterday’s close of 4.9781/9834.

Meanwhile, the ringgit depreciated against the Japanese yen to 3.8315/8355 from 3.8281/8325, declined against the Singapore dollar to 3.1103/1133 from 3.1026/1064 and weakened against the British pound to 5.8122/8177 from 5.8028/8090 yesterday. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Business News

CPO futures expected to trend lower on profit-taking next week
Britain looking at temporary measures to alleviate trucker shortage
'Loss and pain': Families testify at Dutch MH17 trial
Oil hits highest in almost 3 years as supply tightens
GLOBAL MARKETS-S&P 500 edges up, European shares slump amid Evergrande fears, US yields rise
Banking on wealth management
Short Position - Opcom, La Nina, Taxing
Going for growth
Sapura Energy in race against time
Ge-Shen hopeful of growth amid challenges

Stories You'll Enjoy