Ringgit opens lower as US dollar advances

KUALA LUMPUR,. The ringgit opened lower against the US dollar on Friday as the safe haven greenback advanced amidst ongoing concerns over the rising Covid-19 cases globally and better United States (US) initial jobless claims data, analysts said.

At 9am, the local note stood at 4.2365/2385 versus the greenback from yesterday’s close of 4.2355/2400.

An analyst told Bernama that the strengthening of the US dollar had put pressure on the oil prices, with the oil benchmark Brent crude currently trading at around US$66 per barrel.

On the local front, the Health Ministry reported 22,948 new Covid-19 cases on Thursday — the country’s highest daily figure to-date, taking the nation’s cumulative tally to 1,489,460 cases.

Meanwhile, the local note opened higher against a basket of major currencies.

The ringgit rose against the Singapore dollar to 3.1055/1079 from 3.1061/1099 at Thursday’s close and improved against the Japanese yen to 3.8566/8588 from 3.8617/8661 previously.

It gained versus the British pound to 5.7786/7813 from 5.7984/8046 and strengthened vis-a-vis the euro to 4.9491/9514 compared with 4.9534/9587 yesterday. — Bernama


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