KUALA LUMPUR: The ringgit extended last week’s losses to trade lower against the US dollar in today’s early session as investors shifted interest towards safe-haven currencies due to worries over the Covid-19 outbreak and weakening global oil prices, dealers said.
At 9.20am, the local note stood at 4.1970/2020 against the greenback, from 4.1700/1750 at Friday’s close.
The number of coronavirus infections topped 107,000 worldwide over the weekend, and wreaked major economic disruptions.
Meanwhile, oil prices dropped more than 20 per cent after Saudi Arabia, the world’s top exporter, raised its production after the collapse of the Organisation of Petroleum Exporting Countries’ (OPEC) supply cut agreement with Russia.
Against other major currencies, the ringgit was also traded lower.
It fell against the Singapore dollar to 3.0482/0522 from Friday’s close of 3.0222/0267, and decreased versus the Japanese yen to 4.0364/0423 from 3.9643/9701.
The local unit depreciated against the British pound to 5.4922/5004 from 5.4156/4237 and contracted vis-a-vis the euro to 4.7732/7806 from 4.7088/7161 previously. - Bernama