RINGGIT TO REMAIN UNDER PRESSURE AS COVID-19 WORSEN
KUALA LUMPUR, March 23 -- The downtrend of ringgit is expected to remain as the Ministry of Health predicts the COVID-19 situation to worsen this week, with tighter enforcement of Movement Control Order (MCO) exerting pressure on the economy, said Kenanga Research.
However, the anticipation of a weaker US dollar would probably provide support for the ringgit, it said.
“The US dollar upside momentum is fading, prompting ringgit to likely rebound slightly by 0.64 per cent against the greenback this week from its closing price of 4.395 on Friday.
“We see immediate support at 4.330, though a break below 4.266 could be a tipping point. On the upside, a break above 4.436 is needed for a US dollar rally to take shape,” the research house said in a note.
At 9.02 am, the ringgit fell to 4.4180/4250 against the greenback from Friday’s closing of 4.3947/4012 as investors adopt a wait-and-see attitude amid the fast-spreading COVID-19 pandemic.
-- BERNAMA
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