KUALA LUMPUR, June 22 — The ringgit retreated from its recent gains to close lower against the US dollar today despite a recovery in oil prices, amid fresh concerns over Covid-19 as the number of cases increased globally.
At 6pm, the ringgit was quoted at 4.2770/2850 compared with 4.2670/2730 at Friday’s close.
A dealer said fears of a “second wave” of coronavirus cases intensified in several US states including Arizona, Florida, and the Carolinas that had put investors on a cautious mode.
“The rising cases in the United States are worrying and renewed lockdowns in these (affected) states are pretty much unlikely.
“There would be a slow return to normality, hence market fears that the US would continue record a weak growth,” he told Bernama.
According to Johns Hopkins University, the number of Covid-19 cases in the US topped 2.2 million on Friday with the death toll approaching 120,000. On Friday and Saturday, the US reported more than 30,000 new cases — the highest daily totals since May 1.
Meanwhile, the ringgit also fell against other major benchmark currencies.
It decreased against the Singapore dollar to 3.0657/0717 from 3.0614/0662 recorded at Friday’s close and fell against the Japanese yen to 3.9987/9080 from 3.9897/9964.
The local currency depreciated vis-a-vis the British pound to 5.3035/3151 from 5.2983/3075 and weakened against the euro to 4.7954/7052 from 4.7854/7926 previously. — Bernama
