KUALA LUMPUR: The ringgit closed marginally lower against the US dollar today although Malaysia’s total trade recorded double-digit growth of 43.4 per cent year-on-year (y-o-y) in June 2022 to reach a new high of RM270.4 billion, said an analyst.
At 6 pm, the local currency depreciated to 4.4500/4540 versus the greenback from Tuesday’s close of 4.4480/4510.
SPI Asset Management managing partner Stephen Innes said the ringgit did not capitalise on the strong trade figures as local exporters are still reluctant to sell US dollar as they remain concerned about the increase in COVID-19 cases in China.
"The situation remains volatile as daily infections surpassed 1,000, clouding the outlook for regional growth with the zero-Covid policy continuing to be problematic,” he told Bernama.
According to a report, mainland China reported 108 new COVID-19 cases with symptoms and 827 without symptoms on Tuesday.,
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However, the ringgit traded mixed against a basket of major currencies.
The local currency weakened against the Singapore dollar to 3.1978/2009 compared with 3.1943/1966 on Tuesday and depreciated versus the British pound to 5.3498/3546 from 5.3478/3514 previously.
It went up versus the Japanese yen to 3.2202/2233 from 3.2323/2347 yesterday and rose vis-a-vis the euro to 4.5586/5627 from 4.5592/5623. - Bernama