Ringgit opens lower against US dollar on surging Covid-19 cases

KUALA LUMPUR (Jan 8): The ringgit opened lower against the US dollar this morning as local Covid-19 cases had surged to its highest daily level since the start of the pandemic.

At 9am, the local currency had retreated to 4.0370/0430 versus the greenback from Thursday’s close of 4.0350/0410.

Commenting on the US dollar’s performance, Axi chief global market strategist Stephen Innes said the increasing number of cases reported had raised the alarm on the possibility of a reinstatement of the movement control order (MCO).-The Edge Market