Home Money Exchange Ringgit opens lower against US dollar (29 Jun 2020)

Ringgit opens lower against US dollar (29 Jun 2020)

- Advertisement -

KUALA LUMPUR, June 29 — The ringgit opened lower against the US dollar today in a cautious mode as the greenback remained strong as a safe-haven currency amid fears of a second wave of Covid-19.

As at 9.08am, the ringgit was quoted at 4.2900/2970 against the US dollar from 4.2890/2930 at the close last Friday.

Ambank Research in a note today said the slide in the ringgit, which recently fell 0.29 per cent to 4.291, was partly due to S&P Global Ratings’ revision of Malaysia’s economic outlook.

“The agency on Friday downgraded our domestic economic outlook to negative from stable, reflecting heightened risks of a further deterioration in its fiscal settings, related to the Covid-19 pandemic.

“We expect the ringgit to trade between our support level of 4.2730 and 4.2811 while our resistance is pinned at 4.2943 and 4.3014,” it added.

Meanwhile, the ringgit traded mostly higher against major benchmark currencies except for the euro

It rose against the Singapore dollar to 3.0788/0849 from 3.0827/0865, and increased against the yen to 3.9985/0054 from 4.0114/0155 at the close last Friday.

The local note was higher against the British pound at 5.2986/3085 from 5.3124/3190, but fell against the euro to 4.8177/8268 from 4.8118/8167 previously. — Bernama

This blog post was originally published in malaymail.com on 29 June 2020.

Do catch us on:
Web: https://cashchanger.co
Telegram: https://cashchanger.co/telegram
Facebook: https://fb.me/cashchanger


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Why Malaysia Switched from Dollar to RM in 1975 & What ‘Ringgit’ Actually Means

Have you ever wondered why our currency is called ‘Ringgit’? In fact, did you know that prior to 1975, Malaysia’s official currency is actually...

Why Singapore rejected a common currency with Malaysia

Malayan Dollar When Singapore separated from Malaysia in August 1965, it continued to use a common currency with Malaysia and Brunei, the Malayan dollar. Issued...

Troubles Are Far From Over for One of Asia’s Worst Performing Currencies

By David Finnerty July 20, 2020, 7:15 AM GMT+8 The Malaysian ringgit has been among the worst performing Asian currencies so far this year and its challenges...

It’s U.S. Dollar Against the World in This Pandemic-Stricken Era

By Vassilis Karamanis July 13, 2020, 6:40 PM GMT+8 Already the world’s reserve currency, the dollar’s hold over the world of foreign exchange has grown even stronger...