Bursa Malaysia ends marginally higher on bargain hunting thesundaily.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesundaily.my Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR: The ringgit opened slightly better against the US dollar today on renewed demand, despite the declining global oil prices and concerns over the dollar inflation, a trader said.
At 9 am, the local note stood at 4.1970/1990 versus the greenback from 4.2000/2030 at Wednesday’s close.
According to ActivTrades trader Dyogenes Rodrigues Diniz, concerns over the greenback inflation have increased with the release of the United States Producer Price Index (PPI), which measures inflation from the perspective of costs to industry or producers of products. From a macroeconomic point of view, the market seems to expect new monetary policies to curb this inflation situation,” he told Bernama, adding that he believes the dollar would strengthen with a possible sharp cut to the fiscal stimulus.
KUALA LUMPUR: The ringgit weakened further against the US dollar at the opening today, as investors adopted a cautious stance due to the sharp increase in daily COVID-19 cases in Malaysia to above the 10,000 mark, an analyst said.
At 9am, the local note stood at 4.1985/2020 versus the greenback from 4.1910/1930 at Tuesday’s close.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the local note was expected to trade within a range of RM4.19 to RM4.20 today amid jitters caused by the latest rise in daily cases recorded yesterday.
Malaysia reported new COVID-19 cases of 11,079 on Tuesday, the highest ever since the pandemic hit the country early last year. The previous record was 9,353 cases registered on July 10.
Tuesday, 13 Jul 2021 10:10 AM MYT
At 9am, the local note stood at 4.1910/1935 against the greenback from 4.1900/1930 yesterday’s close. Reuters pic
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KUALA LUMPUR, July 13 ― The ringgit opened slightly lower against the US dollar despite the firmer crude oil price, as global concerns on the rising Covid-19 cases continue to trigger some safe-haven flows into the greenback.
At 9am, the local note stood at 4.1910/1935 against the greenback from 4.1900/1930 yesterday’s close.
OANDA senior market analyst, Edward Moya said with many countries still struggling in the fight against Covid-19, United States (US) stocks edged higher into record territories as investors continue to opt for the US growth story.
Lower foreign net selling of RM324m last week malaysiakini.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from malaysiakini.com Daily Mail and Mail on Sunday newspapers.