Ringgit continues downtrend as virus fears persist

KUALA LUMPUR: The ringgit continued its downtrend from last week following worries surrounding global markets as fears over the Covid-19 virus continue to persist.

At 9.07am, the ringgit was quoted at 4.1460/1500 against the greenback compared with yesterday’s close of 4.1400/1450.

An analyst said the local note will continue to be on the sidelines along with other Asean currencies, where the alert level for the virus spread is high.

Benchmark Brent crude has also slid to US$57.24 per barrel, as it reenters the downtrend movement and retains downside volatility.

“Oil prices play an important role in setting the benchmark for the ringgit as Malaysia is an oil-producing country,” the analyst said.

The ringgit traded mostly higher against other major currencies.

It slightly appreciated against the Singapore dollar to 2.9802/9841 from 2.9806/9846 and climbed moderately versus the euro to 4.4889/4936 from 4.4898/4957 yesterday.

The ringgit rose against the British pound to 5.3873/3933 from 5.3977/4059 and eased vis-a-vis the Japanese yen to 3.7773/7817 from 3.7674/7730 at yesterday’s close.