KUALA LUMPUR, July 10 – The ringgit is expected to move between 4.17 and 4.19 against the US dollar next week, due to the rise in Covid-19 cases in the country and the lack of positive catalysts.
Malaysia yesterday recorded the highest number of new daily Covid-19 cases, at 9,180, bringing the cumulative number of cases to 817,838.
The previous highest number of new daily cases recorded was 9,020 on May 29.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim, however, said the local currency is likely to get some support from the strength of the Brent crude oil price due to the decline in crude inventories, which reinforces the view that demand for oil was picking up as the US summer progressed. the driving season has started.
“This could cushion the pressure from uncertainties related to the pandemic as Asia faces its latest wave of infections,” he told Bernama.
At the time of going to press, the price of Brent crude oil was above US $ 74.00 per barrel.
On a weekly basis, the ringgit weakened against the US dollar at 4.1895 / 1940 from 4.1600 / 1650 a week earlier.
Meanwhile, the ringgit traded lower against other major currencies.
Against the Singapore dollar, the local unit depreciated to 3.0953 / 0991 from 3.0778 / 0818 a week earlier, fell against the British pound to 5.7798 / 7860 from 5.7188 / 7256, and weakened against the euro at 4.9667 / 9720 from 4.9171 / 9230 in the previous week.
It also slipped against the Japanese yen to 3.8076 / 8120 from 3.7303 / 7351 previously. – Bernama