Ringgit Lower on Resurgence in Global Covid-19 Cases

KUALA LUMPUR: The ringgit was lower versus the US dollar at opening Wednesday amid the resurgence in COVID-19 cases globally which has dented investor sentiment, dealers said.

At 9 am, the local note fell to 4.1330/1360 against the greenback from 4.1200/1250 recorded at Tuesday’s close.

Axi chief global market strategist Stephen Innes said investors ran for cover with the US bonds and US dollar as save harbour to ride the third wave of COVID-19 storm at various hot spots worldwide.

It was reported that a third wave of COVID-19 across the globe, especially in Europe due to highly contagious coronavirus variants had reignited concerns over another round of economic restrictions.

The local note was traded mostly lower against a basket of major currencies, except the euro whereby it rose to 4.8935/8987 from 4.8983/8059 at yesterday’s close.

The ringgit depreciated against yen to 3.8050/8081 from 3.7909/7966, fell versus the Singapore dollar to 3.0697/0726 from 3.0673/0717 and declined vis-a-vis the British pound to 5.6754/6812 from 5.6749/6834. – Bernama

Source: https://www.thestar.com.my/business/business-news/2021/03/24/ringgit-lower-on-resurgence-in-global-covid-19-cases

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