KUALA LUMPUR, July 10 — The ringgit is likely to move between 4.17 and 4.19 against the US dollar next week weighed by rising Covid-19 cases in the country and lack of positive catalysts.
Malaysia recorded the highest number of new daily Covid-19 cases on Friday, at 9,180, bringing the cumulative number of cases to 817,838.
The previous highest number of new daily cases recorded was 9,020 on May 29.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim, however, said the local currency was expected to get some support from the strength in Brent crude oil price due to the drop in crude stockpiles, which reinforced views that oil demand was picking up as the US summer driving season has begun.
“This could cushion the pressure coming from uncertainties related to the pandemic with Asia facing its latest wave of infections,” he told Bernama.
As at press time, Brent crude oil price stood above US$74.00 per barrel.
On a weekly basis, the ringgit weakened versus the US dollar to 4.1895/1940 from 4.1600/1650 a week earlier.
Meanwhile, the ringgit traded lower against other major currencies.
Against the Singapore dollar, the local unit depreciated to 3.0953/0991 from 3.0778/0818 a week earlier, fell against the British pound to 5.7798/7860 from 5.7188/7256, and weakened against the euro to 4.9667/9720 from 4.9171/9230 in the preceding week.
It also slipped versus the Japanese yen to 3.8076/8120 from 3.7303/7351 previously.
— Bernama
