Selangor Journal

Ringgit weakens against US dollar at close

KUALA LUMPUR, April 8 — The ringgit closed lower against the US dollar on Thursday, pressured by concerns over crude oil price and demand.

At 6pm, the local currency ended at 4.1360/1390 against the greenback from 4.1300/1330 yesterday.

Axi chief global markets strategist Stephen Innes said some worrying COVID-19 news has weighed on the oil price as well as the demand for the commodity.

“Spiking coronavirus cases numbers in India plus parts of Canada and Tokyo (means they are) backtracking into the lockdown abyss, and together with reports linking the AstraZeneca vaccine to the higher frequency of blood clots, have caused some concerns — all or any of which could lead to lower oil demand,” he said in a statement.

Meanwhile, the ringgit was traded mixed against other major currencies.

The local note rose versus the British pound to 5.6825/6878 from 5.7072/7122 previously and rebounded against the euro to 4.9070/9109 from 4.9077/9125 at Wednesday’s close.

However, the ringgit weakened further against the Singapore dollar to 3.0836/0867 from 3.0828/0857 yesterday and declined vis-a-vis the yen to 3.7744/7782 from 3.7607/7645 yesterday.

— Bernama

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