Ringgit continues to fall as risk appetite shrinks

  • Forex
  • Thursday, 19 Mar 2020

KUALA LUMPUR: The ringgit extended its downtrend against the US dollar at the opening session today due to lingering worries over COVID-19 pandemic which has curbed traders’ risk appetite, said a dealer.

At 9.00 am, the local currency depreciated to 4.3800/3850 against the greenback from Wednesday's closing of 4.3737/3844.

Yesterday, the government said it could be forced to extend the existing 14-day Movement Control Order if the measure failed to prevent the spread of COVID-19 in the country.

The current two-week nationwide movement control order began yesterday and end in March 2020.

Prime Minister Tan Sri Muhyiddin Yassin in an address which was broadcast live last night said: "the government hopes after this two week period, those with symptoms (COVID-19) are able to be isolated and treated, making Malaysia free of COVID-19." As of yesterday, Malaysia recorded 790 cases related to the virus. The ringgit was traded higher against other major currencies.

It appreciated against the Singapore dollar to 3.0276/0327 from 3.0446/0664 and increased versus the Japanese yen to 4.0246/0303 from 4.0759/0898 yesterday's close.

The local note rose vis-a-vis the British pound to 5.0633/0708 from 5.2514/2570 and improved against the euro to 4.7751/7823 from 4.7938/8081. - Bernama

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