KUALA LUMPUR, July 12 — The ringgit closed slightly lower against the US dollar on Monday due to concerns over the escalating local COVID-19 cases.
At 6pm, the local note stood at 4.1900/1930 versus the greenback from last Friday’s close of 4.1895/1940.
In a note, Kenanga Research said that the ringgit also closed lower against most major currencies as sentiments turned cautious amidst the renewed domestic political uncertainty.
“The local note is expected to remain volatile this week on the back of Malaysia’s worsening Covid-19 situation, the uncertain political climate and lack of ringgit catalysts.
“Nevertheless, the steady crude oil prices may continue to provide support to petrocurrencies, and should help to limit further ringgit downside,” it said.
The Health Ministry reported that the number of Covid-19 cases stood at 8,574 on Monday, bringing the cumulative number of cases to 844,870.
The local note had also traded lower against major currencies, except for the Japanese yen.
It fell against the British pound to 5.8082/8123 from last Friday’s close of 5.7798/7860, depreciated vis-a-vis the euro to 4.9668/9704 from 4.9667/9720 and slipped against the Singapore dollar to 3.1003/1027 from 3.0953/0991 previously.
However, it appreciated against the Japanese yen to 3.8053/8080 from 3.8076/8120 previously. — Bernama
