KUALA LUMPUR (May 25): The ringgit rebounded from yesterday’s close to open higher against the US dollar today on renewed buying support due to positive developments of the Covid-19 vaccine roll-out, dealers said.
At 9.06am, the local note was higher at 4.1400/1440 against the greenback from yesterday’s close at 4.1440/1480.
A dealer said that the local market reacted positively as the Covid-19 Immunisation Task Force (CITF) said Malaysia had more than enough vaccines for its people.
In a statement yesterday, the CITF said Malaysia had spent RM3.5 billion to procure Covid-19 vaccines for 120% of its population or 38.5 million people.
It said as most of the vaccines procured were two-dose vaccines, the total number of doses Malaysia had procured was 73.5 million doses, and not 32 million.
Meanwhile, the local note, however, traded lower against other major currencies.
The ringgit fell against the Singapore dollar to 3.1186/1219 from yesterday’s close at 3.1165/1207 and weakened vis-a-vis the euro to 5.0607/0660 from 5.0602/0660.
The local currency went down against the British pound to 5.8647/8720 from 5.8575/8640 and depreciated against the yen to 3.8065/8113 from 3.8057/8097.-BERNAMA