Ringgit bounces to open higher against greenback

Second wave of Covid-19 infections lowers demand for US dollar. FMTNews Ringgit Dollar Covid19

KUALA LUMPUR: The ringgit rebounded to open higher today in line with other Asian markets as the greenback fell on worries of a second wave of Covid-19 infections in the US.An analyst said the dollar took a beating after the country’s Food and Drug Administration revoked the emergency use status of hydroxychloroquine, a drug lauded by President Donald Trump as the cure for Covid-19.

The US Fed had previously painted a sober picture of the economy, declaring that the country’s financial system remains under stress due to the Covid-19 pandemic and that the path back to steady growth and a strong labour market remains uncertain.

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