KUALA LUMPUR: The ringgit eases against the US dollar as investors’ risk appetite was dampened amid concerns over the COVID-19 outbreak and declining oil prices, dealers said.
The local note weakened to 4.2130/2170 against the greenback from 4.1700/1750 at last Friday’s close.
Global oil prices plunged by up to 30% in early trading after the Organisation of the Petroleum Exporting Countries’ (OPEC) failure to strike a deal with its allies regarding production cuts.
“It has caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war,” said a dealer.
International benchmark Brent crude oil fell 25.03% to US$33.94 per barrel at the close.
Against other major currencies, the ringgit was also traded lower.
It fell against the Singapore dollar to 3.0428/0467 from last Friday’s close of 3.0222/0267 and decreased versus the Japanese yen to 4.1086/1137 from 3.9643/9701.
The local unit depreciated against the British pound to 5.5325/5395 from 5.4156/4237 and contracted vis-a-vis the euro to 4.7982/8044 from 4.7088/7161 previously. – March 9, 2020, Bernama
