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Weak market sentiment continues to weigh on Ringgit

25 Jan 2021 / 19:54 H.

KUALA LUMPUR: The ringgit extended its downtrend to close lower against the US dollar today as the weak market sentiment continued to weigh on investors’ risk appetite, dealers said.

At the close, the local note weakened to 4.0430/0460 against the greenback from 4.0415/0445 on Friday.

A dealer said the ringgit was under pressure due to the extension of the second Movement Control Order (MCO 2.0), weaker crude oil prices, the rising number of Covid-19 cases globally and delayed vaccine rollouts.

“Investors had also adopted a wait-and-see attitude in anticipation of a major stimulus from new United States President Joe Biden, which puts emerging currencies on the edge,” he told Bernama.

Against other major currencies, the ringgit was traded mixed.

It closed lower against the Singapore dollar at 3.0456/0485 from 3.0451/0485 on Friday, and weakened versus the British pound to 5.5272/5329 from 5.5231/5288 previously.

The local currency, however, rose against the Japanese yen to 3.8946/8986 from 3.8984/8021 at Friday’s close and strengthened vis-a-vis the Euro to 4.9106/9159 from 4.9197/9246 previously. — Bernama

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