Malaysian ringgit notes are seen among US dollar bills in this photo illustration taken in Singapore in this August 24, 2015 file photo. — Reuters picKUALA LUMPUR, May 10 — The ringgit pared earlier gains but managed to stay above the 4.11 level to close higher against the US dollar today, as domestic concerns on surging Covid-19 cases continued to weigh on the local currency.
SPI Asset Management global managing partner Stephen Innes said the ringgit’s momentum gave way after opening on a better footing today as the traders were cautious given the rising Covid-19 cases and concerned on the domestic economic outlook. Nevertheless, he said the ringgit was supported by steadier oil prices with the benchmark Brent crude currently trading at around US$68 per barrel.
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