KUALA LUMPUR: The ringgit ended the week weaker against the US dollar due to the lack of buying interest, as sentiment remained weighed down by the surge in Covid-19 cases, traders said.
At 6pm, the local note eased by 20 basis points to 4.2040/2070 versus the greenback from yesterday’s close of 4.2020/2030.
A trader said the stronger greenback had curbed the risk appetite for emerging currencies — including the ringgit — amidst weak local market catalysts.
“Although we see a slight decrease in the number of cases today, the tally still remained in the five digits for the fourth consecutive day, leading to the lack buying support and confidence from investors,“ said the trader.
The Ministry of Health reported that new Covid-19 cases declined to 12,541 today compared with 13,215 infections yesterday, bringing the cumulative number of domestic cases to 893,323.
“However, the slight recovery in oil prices helped to cap the ringgit’s downward trend,“ the trader said.
At press time, the benchmark Brent crude oil rose by 0.41 percent to US$73.77 per barrel.
Meanwhile, the local note was traded mostly higher against a basket of major currencies.
The ringgit appreciated vis-a-vis the euro to 4.9687/9723 from 4.9764/9776 at Thursday’s close, rose against the Japanese yen to 3.8180/8207 from 3.8256/8265 yesterday and improved against the British pound at 5.8129/8170 from 5.8252/8266.
However, it had eased against the Singapore dollar to 3.1053/1078 from 3.1052/1062 previously. — Bernama