Ringgit slips at open due to jitters over coronavirus

KUALA LUMPUR: The ringgit extended yesterday’s loss to open lower today due to market jitters about the outbreak of coronavirus in China and the first confirmed case in the United States.

At 9 am, the ringgit was quoted at 4.0790/0820 against the greenback compared with yesterday's close of 4.0710/0740. Rakuten in its daily market report said global markets were on a cautious mode on news of the continued spread of the highly contagious virus which has reached US shores.

"Memories of SARS epidemic back in 2002 and 2003 have caused knee jerk reaction to the markets, nevertheless the impact would be temporary," it said.

Besides the viral outbreak of the virus, the oil price has also declined to US$64.48 from its peak of US$71 per-barrel recorded earlier this month as demand for renewable energy rises.

On the local front, all eyes are on today's Monetary Policy Committee statement from Bank Negara Malaysia to gauge the current economic condition for further market direction.