The ringgit opened marginally lower against the US dollar today as the greenback continued to strengthen following the official victory announcement of Joe Biden as the new president of the United States.
At 9am, the ringgit opened at 4.0580/0620 compared with 4.0540/0580 at yesterday’s close.
An analyst said that the ringgit slip was due to higher confidence in the US dollar as the political dust in the US atmosphere has subsided and mass vaccination in US has begun.
“With benchmark Brent Crude has now breached the US$50 per barrel, the ringgit has its upside momentum if the local economy continues to foster growth in coming weeks as 2020 heading to its end.
“However, there are still strong concerns lingering in /the local market, especially on the rising Covid-19 cases, as well as political instability,” she said.
On the vaccine front, the first Covid-19 vaccine shots were administered by US hospitals yesterday, the initial step in a historic drive to immunise millions of people as deaths passed 300,000.
On the broader market, the ringgit was traded mixed against other major currencies.
It fell against the Singapore dollar to 3.0438/0470 from 3.0413/0461 but rose against the British pound to 5.4130/4187 from 5.4352/4422 yesterday due to ongoing Brexit talks.
The ringgit eased against the euro to 4.9329/9390 from 4.9280/9345 but added against the Japanese yen to 3.8982/9028 from 3.9071/9113 previously. ― BERNAMA
