Saturday, 04 Jul 2020
29/06/2020 07:39 PM

KUALA LUMPUR, June 29  -- The ringgit ended marginally higher today as the US dollar weakened due to the rising number of COVID-19 cases in the United States (US), which surpassed 2.5 million cases, putting concerns on deck in reopening of the economy. 

As at 6 pm, the local note was quoted at 4.2820/2880 against the greenback compared with 4.2890/2930 last Friday. 

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that global markets are now reassessing whether the reopening of the economy could be expanded especially in the context of the sharp rise in infection cases in the US. 

"As such, USD/MYR could linger around 4.29 to 4.30 in the immediate term," he said. 

On the local front, an analyst said that the ringgit's upward momentum towards closing today was due to the encouraging trade surplus in May as it recorded a growth of 14.7 per cent year-on-year (y-o-y) to RM10.41 billion last month, the highest monthly trade surplus recorded for the month since May 2008.

It also marked the fourth time that the country achieved a trade surplus above RM10 billion this year. 

"Despite the shrinking total trade during the month due to COVID-19, we are positive that the economy will be operating in full swing in the coming months as Malaysia managed to contain the spread of COVID-19 in the country," she said. 

Malaysia recorded only three new COVID-19 cases today, with zero fatality and total active cases of 182. 

Against other benchmark currencies, the ringgit was traded mostly higher.

The local note appreciated against the British pound to 5.2788/2880 from 5.3124/3190 last Friday, rose versus the Singapore dollar to 3.0746/0800 from 3.0827/0865, and climbed against the Japanese yen to 3.9933/4.0000 from 4.0114/0155 on Friday. 

The local currency meanwhile declined vis-a-vis the euro to 4.8254/8339 from 4.8118/8167 previously.

-- BERNAMA

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