KUALA LUMPUR, July 14 — The ringgit weakened further against the US dollar at the opening today, as investors adopted a cautious stance due to the sharp increase in daily Covid-19 cases in Malaysia to above the 10,000 mark, an analyst said.
At 9am, the local note stood at 4.1985/2020 versus the greenback from 4.1910/1930 at Tuesday’s close.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the local note was expected to trade within a range of RM4.19 to RM4.20 today amid jitters caused by the latest rise in daily cases recorded yesterday.
Malaysia reported new Covid-19 cases of 11,079 on Tuesday, the highest ever since the pandemic hit the country early last year. The previous record was 9,353 cases registered on July 10.
“However, the statement by International Energy Agency that the market should expect tighter oil supply for now, due to disagreements among major producers over how much additional crude to ship worldwide, will provide some cushion for the ringgit from experiencing further losses,” he told Bernama.
Meanwhile, at the opening bell, the ringgit was traded higher against a basket of major currencies.
The local note appreciated vis-a-vis the Singapore dollar to 3.0962/0993 from 3.0996/1016 at Tuesday’s close and rose against the British pound to 5.7969/8017 from 5.8070/8098.
The ringgit also improved versus the euro to 4.9446/9487 from 4.9634/9658 yesterday and strengthened against the Japanese yen to 3.7954/7989 from 3.8017/8035.
— Bernama
