Virus pandemic keeps ringgit on downtrend at opening

KUALA LUMPUR: The ringgit depreciated further against the US dollar at opening on continued demand for the safe-haven greenback due to rising economic uncertainties over the fast-spreading Covid-19 pandemic, said a dealer.

At 9am, the local note fell to 4.4180/4230 against the US dollar compared with yesterday’s closing of 4.4080/4120.

The dealer said the sliding ringgit was in tandem with weaker regional market currencies as the coronavirus outbreak dampened market sentiment and frightened investors into pulling money out of vulnerable economies.

Meanwhile, against other major currencies, the ringgit traded mostly higher.

It rose slightly against the Singapore dollar at 3.0394/0440 from 3.0425/0470 at yesterday’s close, increased against the euro to 4.7109/7171 from 4.7759/7822 and rose against the Japanese Yen to 3.9741/9800 from 4.0457/0574.

However, the ringgit depreciated against the British pound to 5.0940/1010 from 5.0848/0923.

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