Ringgit extends last week’s losses at opening

KUALA LUMPUR: The ringgit extended last week’s losses to trade lower against the US dollar in the early session today, as the bearish economic outlook prompted investors to turn towards safe-haven currencies, a dealer said.

At 9.30am, the local unit fell to 4.3500/3600 against the greenback compared with Friday’s close of 4.3360/3410.

A dealer said the greenback gained more traction as investors reacted to weak US retail sales data, putting its economy on track for its biggest contraction in the second quarter since the Great Depression.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

The local currency slipped against the Singapore dollar to 3.0531/0605 from 3.0542/0591 last week but appreciated versus the Japanese yen to 4.0597/0694 from 4.0605/0673.

The ringgit also fell vis-a-vis the euro to 4.7076/7188 from 4.7011/7084 but rose against the British pound to 5.2648/2791 from 5.3067/3154.