KUALA LUMPUR: The ringgit ended the week weak against the US dollar due to lack of buying interest as sentiment continued to be constrained by rising Covid-19 cases, traders said.
At 6:00 pm, the local note was down 20 basis points to 4.2040 / 2070 versus the dollar since yesterday’s close at 4.2020 / 2030.
One trader said the stronger dollar has curbed risk appetite for emerging currencies, including the ringgit, amid weak catalysts in the local market.
“Although we are seeing a slight decline in cases today, the bottom line is still five-digit for the fourth day in a row, resulting in a lack of support from buyers and a lack of confidence from investors,” the trader said.
The health ministry said the number of new Covid-19 cases has dropped to 12,541 today, down from 13,215 infections yesterday, bringing the cumulative number of domestic cases to 893,323.
“However, a slight rebound in oil prices helped limit the downward trend in the ringgit,” the trader said.
At press time, benchmark Brent crude was up 0.41 percent to $ 73.77 a barrel.
Meanwhile, local bonds traded mostly higher against a basket of major currencies.
The ringgit rose to 4.9687 / 9723 against the euro from 4.9764 / 9776 at Thursday’s close, rose against the Japanese yen to 3.8180 / 8207 from 3.8256 / 8265 yesterday and rose to 5 against the British pound , 8129/8170 s 5.8252 / 8266..
However, it fell against the Singapore dollar to 3.1053 / 1078 from 3.1052 / 1062 earlier. – Burnama