KUALA LUMPUR: The ringgit remained lower against the US dollar for the second consecutive day due to weak demand for the local currency amid mixed external sentiments.
At 6 pm, the ringgit was quoted at 4.1390/1420 versus the US dollar from Wednesday’s 4.1350/1380.
MIDF Research in a note said the Covid-19 outbreak could be a downside risk if the threat prolongs and cause disruption to the global supply chain.
Echoing MIDF’s view, AxiCorp’s chief market strategist Stephen Innes said the local note was on a slightly weaker trajectory after the market decided to reduce risk.
“We will see a massive wave of selling given that the market tends to look through Covid-19 cases,” he added.
The ringgit was traded mostly lower against other major currencies.
The local currency increased vis-a-vis the euro to 4.5041/5082 from yesterday’s close of 4.5150/5195 but depreciated against the Singapore dollar to 2.9824/9852 from 2.9817/9858.
It also fell against the Japanese yen to 3.7716/7747 from 3.7591/7625 on Wednesday and declined against the British pound to 5.3683/3730 from 5.3668/3724. – Feb 13, 2020, Bernama
