Ringgit eases against US dollar at opening on lockdown, vaccine delay concerns

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KUALA LUMPUR (Jan 5): The ringgit stumbled a bit overnight and opened slightly lower this morning versus the US dollar as concerns over lockdown and slower Covid-19 vaccine distribution emerged, a dealer said.

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At 9am, the local currency had eased to 4.0120/0180 versus the greenback from yesterday’s close at 4.0040/0090.

Adding to the sentiment, he said the uncertain outlook for the oil sector had affected the performance of the local currency.

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“The oil market toppled head over heels with broader markets as the sum of all fears for oil market concerns centred around lockdown consternation. All the while, the Organisation of the Petroleum Exporting Countries (OPEC) was doing their best to hold prices in check, emphasising the need for continued cooperation and vigilance in the face of the uncertain outlook,” he said.

The ringgit was traded mostly higher against other major currencies, except the Singapore dollar.

It appreciated vis-a-vis the Japanese yen to 3.8906/8968 from 3.8968/0021 yesterday, rose versus the euro to 4.9171/9261 from 4.9213/9291 and strengthened against the British pound to 5.4455/4540 from 5.4743/4827.

However, the local note slipped against the Singapore dollar to 3.0403/0460 from 3.0402/0450 at yesterday’s close.-The Edge Market

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