Ringgit Depreciates Against US Dollar Amid Omicron Concern | Money

Malaysian Ringgit, November 24, 2020. – Photo by Hari Anggara

KUALA LUMPUR, December 22 – The ringgit reversed earlier gains to close weaker against the U.S. dollar today, as market sentiment was clouded by growing concerns over the Covid-19 Omicron variant, dealers said.

At 6 p.m., the local score stood at 4.2110 / 2140 against the greenback against 4.2065 / 2110 at yesterday’s close.

One dealer said investors are watching development related to the Omicron variant closely, as it could potentially disrupt the global supply chain and lead to higher inflation, as well as the possibility of further restrictions being imposed.

“The restrictions and disruption caused will hurt economic recovery,” he told Bernama.

Earlier, Health Minister Khairy Jamaluddin announced that the sale of bus and plane tickets under the vaccinated travel route (VTL) between Malaysia and Singapore would be temporarily suspended from tomorrow until January 20, 2022. .

Closer to home, Thailand has announced that it is suspending its “Test & Go” no-quarantine entry program in an effort to prevent the spread of the Omicron variant in the kingdom, while Indonesia continues to assess existing measures to protect its population from Covid -19 and the Omicron strain.

Meanwhile, the ringgit was trading mostly lower against a basket of other major currencies.

It fell against the Singapore dollar at 3.0832 / 0858 from 3.0828 / 0866 yesterday, depreciated against the British pound at 5.5964 / 6004 against 5.5732 / 5792, and weakened against the euro at 4.7521 / 7555 against 4.7508 / 7559 yesterday.

The local rating, however, rose against the Japanese yen to 3.6835 / 6865 from 3.7019 / 7062 at yesterday’s close. – Bernama

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