Ringgit eases as demand shifts to safe-haven currencies

KUALA LUMPUR: The ringgit eased against the US dollar in early trading today as investors turned cautious on the local note, as fears of a second wave of COVID-19 fuelling demand for the safe-haven currencies such as the US dollar.

As at 9.18am, the ringgit was quoted at 4.2770/2830 against the US dollar from 4.2750/2810 at the close yesterday.

A dealer said the decline in the ringgit was in line with the performance of most Asian currencies, as investors adopted a risk-off approach and cut their positions on most Asian currencies, in favour of the near-term appeal of the greenback.

Meanwhile, the ringgit traded mixed against major benchmark currencies.

It fell against the Singapore dollar to 3.0745/0800 from 3.0716/0763 and decreased against the yen to 3.9894/9961 from 3.9875/9942 at the close yesterday.

The local note was higher against the British pound to 5.3116/3195 from 5.3177/3268 and rose against the euro to 4.7971/8042 from 4.7991/8067 previously. - Bernama