KUALA LUMPUR, June 22 — —The ringgit opened lower on Monday as fears over Covid-19 infection boosted the US dollar’s safe-haven appeal.
At 9.05am, the ringgit was quoted at 4.2750/2810 compared with 4.2670/2730 at Friday’s close.
AxiCorp global chief market strategist Stephen Innes said investors’ focus centred on an uptick in Covid-19 cases in the US and new infections in Beijing, raising fears of a return to global lockdowns.
“The ringgit has benefited from rising oil prices and better global risk sentiment.
“But the re-emergence of Covid-19 fears in the main narrative will hurt the ringgit sentiment over the short term with the market less bullish on oil and stocks. Instead, the focus will be on the virus’ lingering economic effects,” he told Bernama
Brent and West Texas Intermediate (WTI) are trading higher at US$42.31 per barrel and US$39.83 per barrel, respectively.
Meanwhile, the ringgit performed mostly higher against major benchmark currencies.
It increased to 3.0590/0640 from 3.0614/0662 against the Singapore dollar and climbed to 5.2809/2887 from 5.2983/3075 vis-a-vis the British pound.
It was stronger against the euro at 4.7807/7892 from 4.7854/7926 but declined versus the Japanese yen to 3.9998/4.0066 from 3.9897/9964 at last Friday’s close. — Bernama
