THE ringgit continued yesterday’s downtrend to open lower against the US dollar today, as fears over the fast-spreading Covid-19 pandemic curbed traders’ risk appetite, said a dealer.
At 9.02am, the local currency weakened slightly to 4.3090/3130 against the greenback from yesterday’s closing of 4.3030/3080.
He said Malaysia’s 2020 economic stimulus package announced last month to mitigate the impact of the Covid-19 failed to support the ringgit, as another 125 people were confirmed to be infected with the coronavirus yesterday, escalating worries among the people and prompted the authority to take drastic action.
Last night the government announced it will impose a nationwide movement control order till end-March 2020 to contain the disease.
“Besides, the country’s economic outlook is also clouded by the slump in crude oil price amid the global financial market turmoil,” said the dealer. – March 17, 2020, Bernama
