Ringgit extends losses at opening

KUALA LUMPUR: The ringgit extended its losses against the US dollar at the opening session with more investors turning to safe-haven currencies due to concerns over the Covid-19 pandemic, dealers said.

At 9am, the local currency depreciated to 4.3530/3630 against the greenback from Tuesday’s closing of 4.3480/3530.

A dealer said many countries including Malaysia have taken measures to mitigate the economic effects of Covid-19 by introducing stimulus measures and relief packages aimed at alleviating the people as well as businesses from hardships caused by the virus.

The US Federal Reserve has announced a 100 basis-point emergency interest rate cut to between zero and 0.25% to cushion the world’s largest economy from impacts associated with the coronavirus.

Against other major currencies, the ringgit was traded higher.

It appreciated against the Singapore dollar to 3.0481/0568 from 3.0482/0528 and increased versus the Japanese yen to 4.0535/0635 from 4.0792/0850 yesterday’s close.

The local note rose vis-a-vis the British pound to 5.2719/2858 from 5.2911/1985 and improved against the euro to 4.7844/7967 from 4.8228/8297.

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