Ringgit opens marginally as Covid cases surge

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At 9.05 am, the local note rose to 4.2250/2300 versus the greenback.

Malaysia's cumulative COVID-19 cases surpassed the one million mark at 1,013,438 cases after 17,045 new cases were reported on Sunday -- the highest recorded in a day since the pandemic hit the country in March last year.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the ringgit is expected to trade above 4.20 today amidst escalating fears of further delays in economic recovery in the wake of COVID-19. Meanwhile, Dewan Rakyat will convene its special meeting of the Third Session of the 14th Parliament for the first time in 2021, beginning today until Aug 2, 2021.

 

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