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Ringgit remains lower as fears over coronavirus infections grow
Published on: Saturday, June 27, 2020
By: Bernama
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Kuala Lumpur: The ringgit remained lower against the US dollar on Friday as the greenback improved on safety buying as fears over coronavirus infections grew, a dealer said.

At 6pm, the ringgit ended at 4.2890/2930 against the US dollar compared with 4.2750/2810 recorded at Thursday’s close.

AmBank Group in its note said the US dollar received some impetus following the rapid rise in coronavirus infections in some US states coupled with the jobless claims data which showed fewer claims at 1.48 million for the week ending June 20 from 1.54 million in the previous week.

Meanwhile back home, the statistics department said that the time is ripe for Malaysia to realign its focus towards stimulating domestic investments by encouraging local businesses to invest in high-potential industries such as healthcare, medical supplies and pharmaceuticals, as well as the information and communications technology-related industry.

Additionally, it said emphasis should be given to restore tourism-related sectors — encompassing accommodation and food and beverage services — by boosting investments in these areas.

The ringgit was traded lower against a basket of major currencies except for the British pound, against which it rose to 5.3124/3190 from 5.3177/3268.

The local unit declined versus the Singapore dollar to 3.0827/0865 from 3.0716/0763 at Thursday’s close and depreciated against the Japanese yen to 4.0114/0155 from 3.9875/9942.

The local currency slipped vis-a-vis the euro to 4.8118/8167 from 4.7991/8067 previously. 


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