Ringgit extends yesterday’s loss to open lower against US dollar

KUALA LUMPUR: The ringgit extended yesterday’s losses to trade lower against the US dollar in the early session today, as more investors abandoned emerging currencies including the ringgit amid persistent concerns over the Covid-19 outbreak, dealers said.

The local currency weakened to 4.2420/2460 against the greenback from 4.2350/2400 at yesterday’s close.

A dealer said the dollar rebounded from the previous weakness due to rising hopes that global monetary policymakers will launch further stimulus packages to ease impacts on their economies from the Covid-19 outbreak.

Against other major currencies, the ringgit was traded mostly higher.

It fell against the Singapore dollar to 3.0492/0531 from Tuesday’s close of 3.0481/0526 but increased versus the Japanese yen to 4.0442/0492 from 4.0472/0531.

The local unit appreciated against the British pound to 5.4743/4816 from 5.5305/5374 and strengthened vis-a-vis the euro to 4.8002/8065 from 4.8063/8137 yesterday.