KUALA LUMPUR,. The ringgit has extended its downtrend last week to open weaker against the US dollar today due to the continuing lack of buying interest, as investors remained concerned over the surge in the Covid-19 cases, traders said.
At 10am, the local note eased to 4.2150/2160 versus the greenback from Friday’s close of 4.2040/2070.
A trader attributed the weaker ringgit to concerns about Malaysia’s economic outlook, given the high levels of new Covid-19 cases.
“Oil prices also weighed on the ringgit’s performance, as the oil benchmark Brent crude fell by 2.6 per cent last week and ended at US$73.59 per barrel on Friday,” he said.
Meanwhile, the local note was traded mixed against a basket of major currencies.
The ringgit depreciated vis-a-vis the euro to 4.9750/9761 from 4.9687/9723 at Friday’s close and weakened against the Japanese yen to 3.8346/8359 from 3.8180/8207.
However, it had strengthened against the Singapore dollar to 3.1027/1037 from 3.1053/1078 previously, and improved against the British pound at 5.7977/7991 from 5.8129/8170. — Bernama