Tuesday, 03 Aug 2021 09:47 AM MYT
The local note was traded mostly higher against a basket of major currencies. . — Picture by Hari Anggara
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KUALA LUMPUR, Aug 3 ― The ringgit rebounded slightly on Tuesday, lifted by higher oil price.
At 9.10am, the local note stood to 4.2220/2250 versus the greenback from Monday’s close of 4.2240/2255.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said Brent crude oil price rose despite investors weighing the risk to consumption posed by the spread of the Delta coronavirus variant.
“Nevertheless, the ringgit is expected to largely face downward pressure amid the heightened number of Covid-19 cases while investors closely monitor the political developments in the country,” he told Bernama.