KUALA LUMPUR, May 17 — The ringgit closed easier against the US dollar today on lack of buying support amidst surging Covid-19 cases.

At 6pm, the local currency declined to 4.1290/1325 against the greenback from last Wednesday’s close of 4.1230/1280.

SPI Asset Management global managing partner Stephen Innes said ringgit is trading off session’s lows, finding a modicum of support from lower United States’ (US) Treasury yields and a slightly softer US dollar after last Friday’s weaker-than-expected US retail sales print.

“The ringgit is trading on a weaker note today due to the general sell-off on local Asian foreign exchange markets, with Singapore reimposing movement restrictions and Taiwan’s move to restrict gatherings after a sharp rise in case counts — a stark reminder that we are still not out of the woods yet,” he told Bernama.

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Meanwhile, the local note was traded mostly higher against other major currencies.

The ringgit improved against the Singapore dollar to 3.0915/0953 from last Wednesday’s 3.1023/1073, rose vis-a-vis the British pound to 5.8223/8289 from 5.8279/8353, and strengthened against the yen to 3.7808/7847 from 3.7909/7966 previously.

However, it fell against the euro to 5.0184/0235 from 5.0028/0102 previously.

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The local forex market was closed last Thursday and Friday for the Hari Raya Aidilfitri celebration. — Bernama