KUALA LUMPUR, April 24 — The ringgit reversed yesterday’s gains to open easier today on renewed concerns over the economic impact of Covid-19, despite the recovery of global crude oil prices. At 9.01am, the local unit slipped 70 basis points to 4.3620/3720 versus the greenback from...
Friday, 24 Apr 2020 09:59 AM MYT
KUALA LUMPUR, April 24 — The ringgit reversed yesterday’s gains to open easier today on renewed concerns over the economic impact of Covid-19, despite the recovery of global crude oil prices. A dealer said the extension of the Movement Control Order by another two weeks to May 12 had triggered anxieties among investors, as they worried that it could affect the economic activities in the country.Prime Minister Tan Sri Muhyiddin Yassin announced late yesterday that the MCO, which is due to end on April 28, has been extended by another two weeks until May 12.
However, the fall of the ringgit was capped by the improved crude oil prices with international benchmark Brent Crude advancing 2.48 per cent to US$21.86 per barrel as at 9.36am, while US benchmark West Texas Intermediate was 2.79 per cent better at US$16.96 per barrel.
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