KUALA LUMPUR: The ringgit opened lower against the US dollar today on the back of sliding oil prices as a surge in new Covid-19 cases in the US dampened investors’ mood, said an analyst.
AxiCorp chief global market strategist Stephen Innes said the ringgit rally took a turn for the worse as fresh Covid-19 cases in the US raised fears of further economically-damaging lockdowns. Meanwhile, AmBank Research said the US dollar strengthened due to its safe-haven appeal. The greenback also gained impetus after the US economy witnessed slower job claims for the week ending July 4 at 1.3 million against 1.4 million in the previous week.
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