Ringgit opens marginally as Covid cases surge


KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today, despite the alarming surge in the local COVID-19 daily tally.

Malaysia's cumulative COVID-19 cases surpassed the one million mark at 1,013,438 cases after 17,045 new cases were reported on Sunday -- the highest recorded in a day since the pandemic hit the country in March last year.

At 9.05 am, the local note rose to 4.2250/2300 versus the greenback from Friday's close of 4.2255/2275.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the ringgit is expected to trade above 4.20 today amidst escalating fears of further delays in economic recovery in the wake of COVID-19.

"Nevertheless, any downward pressure towards the ringgit could be cushioned by the encouraging daily vaccination rates in the country," he told Bernama.

Meanwhile, Dewan Rakyat will convene its special meeting of the Third Session of the 14th Parliament for the first time in 2021, beginning today until Aug 2, 2021.

The House will see members of parliament (MPs) hearing the government’s statements on the state of emergency and measures to fight the pandemic, and the ministers will also be addressing issues raised by the MPs.

A total of 12 documents, comprising three on the proclamation of emergency and nine on emergency ordinances will be presented.

At the opening bell, the local note was traded mixed against a basket of major currencies.

The ringgit strengthened vis-a-vis the euro at 4.9716/9774 from Friday’s close of 4.9781/9834, and appreciated against the Singapore dollar at 3.1027/1069 from 3.1070/1089 previously.

Meanwhile, the local unit depreciated against the Japanese yen to 3.8260/8305 from 3.8254/8275, and declined against the British pound to 5.8077/8146 from 5.8054/8082 previously. - Bernama
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Ringgit , Open , US dollar , COVID-19 , Dewan Rakyat

   

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