KUALA LUMPUR: The ringgit extended last week’s losses to trade lower against the US dollar in the early session today as investors shifted interest towards safe-haven currencies due to emerging worries over the Covid-19 outbreak and weakening global oil prices, dealers said.
At 9.20am, the local note stood at 4.1970/2020 against the greenback from 4.1700/1750 at Friday’s close.
A dealer said that the number of people infected with the coronavirus topped 107,000 across the world as the outbreak spread to more countries and caused more economic disruptions.
Italy had ordered a lockdown of its northern parts including the financial capital Milan.
Oil prices, on the other hand, dropped more than 20% after Saudi Arabia, the world’s top exporter, decided to raise its production significantly after the collapse of Opec’s supply cut agreement with Russia.
Against other major currencies, the ringgit was also traded lower.
It fell against the Singapore dollar to 3.0482/0522 from Friday’s close of 3.0222/0267 and decreased versus the Japanese yen to 4.0364/0423 from 3.9643/9701.
The local unit depreciated against the British pound to 5.4922/5004 from 5.4156/4237 and contracted vis-a-vis the euro to 4.7732/7806 from 4.7088/7161.
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