Ringgit weakens against US$ on Covid-19, plunging oil prices

  • Forex
  • Tuesday, 10 Mar 2020

KUALA LUMPUR: The ringgit remained weaker against the US dollar in the early session today on lingering concerns on COVID-19 and the plunging global oil prices, dealers said.

At 9.07 am, the local note eased to 4.2330/2370 against the greenback from Monday’s close of 4.2130/2170. AxiCorp chief market strategist Stephen Innes said the crash in oil prices reverberated through financial markets following the collapse in oil supply pact between the Organisation of the Petroleum Exporting Countries (OPEC) and Russia on Friday.

"Markets are in the process pricing in an all-out oil price war, anticipating that producers will work to balloon market share against the backdrop of a COVID-19-driven global demand shock,” he said in a note today.

Brent crude, the benchmark oil prices, recovered 5.7 per cent to US$36.32 per barrel at press time. The ringgit was traded mixed against other major currencies.

The domestic unit strengthened against the British pound to 5.5236/5297 from 5.5325/5395 and appreciated against the yen to 4.0895/0945 from 4.1086/1137.

It fell against the Singapore dollar to 3.0565/0612 from 3.0428/0467 and sharply lower against euro to 4.8176/8238 from 4.7982/8044. - Bernama

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