Ringgit ends lower against US dollar

A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic
A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic

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KUALA LUMPUR, April 16 — The ringgit ended the week lower by 20 basis points against the US dollar as sentiment was weighed by escalating Covid-19 cases in the country, an analyst said.

At 6pm, the local unit eased to 4.1250/1290 against the greenback from 4.1230/1260 at yesterday’s close.

Malaysia’s Covid-19 cases continued to rise, with 2,551 new infections recorded in the country on Friday.

Axi chief global market strategist Stephen Innes said the local Covid-19 cases count was always an immediate concern as it would limit a lot of near-growth prospects.

“However, the steady oil prices capped losses (in the ringgit) at the close,” he told Bernama.

At press time, the benchmark Brent crude oil stood at US$67.22 per barrel.

Meanwhile, the ringgit traded mixed against other major currencies.

It weakened against the Singapore dollar to 3.0929/0964 from 3.0893/0923 yesterday and depreciated against the euro to 4.9405/9465 from 4.9381/9434 yesterday.

The ringgit appreciated against the British pound to 5.6834/6898 from 5.6860/6906 yesterday and strengthened versus the yen to 3.7903/7943 from 3.7906/7937 previously. — Bernama

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