Ringgit continues downtrend at opening

KUALA LUMPUR: The ringgit continued yesterday’s downtrend to open lower against the US dollar today, as fears over the fast-spreading Covid-19 pandemic curbed traders’ risk appetite, said a dealer.

At 9.02am, the local currency weakened slightly to 4.3090/3130 against the greenback from yesterday’s closing of 4.3030/3080.

The dealer said Malaysia’s economic stimulus package announced last month failed to support the ringgit, as another 125 people were confirmed to be infected with the coronavirus yesterday, escalating worries among citizens and prompting authorities to take drastic action.

Last night, the government announced it will impose a nationwide movement control order until the end of the month to contain the disease.

“Besides that, the country’s economic outlook is also clouded by the slump in crude oil price amid the global financial market turmoil,” said the dealer.

Meanwhile, the ringgit traded mixed against other major currencies.

It depreciated against the Singapore dollar to 3.0356/0405 from 3.0260/0312 and increased versus the Japanese yen to 4.0403/0452 from yesterday’s closing of 4.0613/0672.

The local note fell vis-a-vis the British pound to 5.2772/2834 from 5.2711/2876 and improved against the euro to 4.8127/8189 from 4.8155/8228.

Click here for our live update of the Covid-19 situation in Malaysia.