KUALA LUMPUR (May 25): The ringgit rebounded from yesterday’s close to open higher against the US dollar today on renewed buying support due to positive developments of the Covid-19 vaccine roll-out, dealers said.
At 9.06am, the local note was higher at 4.1400/1440 against the greenback from yesterday’s close at 4.1440/1480.
A dealer said that the local market reacted positively as the Covid-19 Immunisation Task Force (CITF) said Malaysia had more than enough vaccines for its people.
In a statement yesterday, the CITF said Malaysia had spent RM3.5 billion to procure Covid-19 vaccines for 120% of its population or 38.5 million people.
It said as most of the vaccines procured were two-dose vaccines, the total number of doses Malaysia had procured was 73.5 million doses, and not 32 million.
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Meanwhile, the local note, however, traded lower against other major currencies.
The ringgit fell against the Singapore dollar to 3.1186/1219 from yesterday’s close at 3.1165/1207 and weakened vis-a-vis the euro to 5.0607/0660 from 5.0602/0660.
The local currency went down against the British pound to 5.8647/8720 from 5.8575/8640 and depreciated against the yen to 3.8065/8113 from 3.8057/8097.-BERNAMA