KUALA LUMPUR, Jan 17 — The Malaysian ringgit ended the day lower as renewed fears about Covid-19 could dampen the momentum of the global recovery after slower Chinese economic growth data boosted demand for the US dollar.
Bank Islam Bhd chief economist Mohd Afzanizam Abdul Rashid said clearly the zero Covid-19 policy implemented by China has taken its toll when its economy growth for the final quarter of 2021 decelerates to 4.0 per cent from 4.9 per cent during the September quarter. ‘’Already, China’s central bank has cut its benchmark interest rate, that is the one-year Medium Term Lending Facility by 10 basis points to 2.85 per cent. Following this, the US dollar has gained further strength,’’ he said.
Domestically, market players are closely watching Bank Negara Malaysia’s Monetary Policy Committee’s first meeting of the year for further clues on interest rate and the economy.Overall, the local note was traded higher against a basket of other major currencies.
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