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KUALA LUMPUR, May 24 — The ringgit closed lower against the US dollar today on lack of buying support amid surging Covid-19 cases.
At 6pm, the local note was 50 basis points lower at 4.1440/1480 against the greenback from Friday’s close of 4.1390/1430.
SPI Asset Management global managing partner Stephen Innes said the rise in community Covid-19 cases which triggered the latest movement control restrictions was expected to delay the country’s economic recovery.
“Hence traders will need a bit of convincing that the curve is flattening before buying the local unit bullishly again,” he said.
New Covid-19 cases in Malaysia remained above the 6,000 mark today, with 6,509 infections recorded; and Selangor reported the highest figure out of all states with 2,049 new cases, said Health director-general Tan Sri Dr Noor Hisham Abdullah in a Twitter post.
The Health Ministry also reported 61 new fatalities, which took the Covid-19 death toll to 2,309.
Meanwhile, the local note was traded mixed against other major currencies.
The ringgit fell against the Singapore dollar to 3.1165/1207 from Friday’s close of 3.1099/1141 and weakened vis-a-vis the euro to 5.0602/0660 from 5.0595/0656 previously.
The local currency rose against the British pound to 5.8575/8640 from 5.8832/8897 and appreciated against the yen to 3.8057/8097 from 3.8074/8118 at Friday’s close. — Bernama
Source: Malay Mail
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