KUALA LUMPUR: The ringgit extended last week’s losses to close lower against the US dollar today amid continued decline in the global crude oil prices and rising fears on the fast-spreading COVID-19.
The local currency fell to 4.3030/3080 against the greenback from 4.2750/2800 at Friday’s close.
A dealer said global oil prices continued its downtrend on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the COVID-19 and the raging price war between world’s top oil producers.
The Fed on Sunday announced 100 basis-point emergency interest rate cut to between 0% and 0.25% to mitigate impacts on its economy from the COVID-19 pandemic.
Against other major currencies, the ringgit was traded mixed.
It rose against the Singapore dollar to 3.0260/0312 from Friday’s close of 3.0360/0406 but decreased versus the Japanese yen to 4.0613/0672 from 4.0228/0279.
The local unit appreciated against the British pound to 5.2711/2876 from 5.3822/3902 but weakened vis-a-vis the euro to 4.8155/8228 from 4.7730/7790 previously. – March 16, 2020, Bernama
