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MARKET

Ringgit remains lower against US dollar

25/03/2021 06:44 PM

By Zairina Zainudin

KUALA LUMPUR, March 25 -- The Malaysian ringgit remained lower against the US dollar today, weighed down by the positive sentiment on the greenback following mounting fears over the global growth recovery, coupled with the extended lockdowns in the European continent.

At 6 pm, the ringgit settled at 4.1440/1490 versus the greenback compared with 4.1290/1320 yesterday.  

A dealer said the US dollar rallied to an almost four-month high as investors sought the safe-haven currency due to uncertainties in the market, including delays in the delivery of COVID-19 vaccines in some parts of the world.

“Concerns over potentially higher tax in the United States’ (US) following US Treasury Secretary Janet Yellen’s remark that future hikes might be needed to finance infrastructure projects and other public investments had partly contributed to the sentiment in the market,” he told Bernama.

Meanwhile, the ringgit was traded broadly lower against a basket of major currencies.

It depreciated against the Singapore dollar to 3.0769/0813 from 3.0690/0719 on Wednesday but strengthened versus the Japanese yen to 3.7994/8050 from 3.8006/8037 yesterday.

The local unit also fell vis-a-vis the British pound to 5.6777/6854 from 5.6687/6741 previously and weakened against the euro to 4.8936/9012 from yesterday’s 4.8858/8910.

 -- BERNAMA

 

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