KUALA LUMPUR, Feb 10 — The ringgit extended last week’s losses to end lower against the US dollar today as concerns over the impact from the 2019 novel coronavirus remained, a dealer said.
AxiCorp’s chief market strategist Stephen Innes said the impact from the coronavirus outbreak could continue to hold back investors from taking risks until there is a definite solution to the viral infection, which has now claimed more than 800 lives, mainly in China.
At 6pm, the ringgit was quoted at 4.1450/1480 against the greenback from 4.1360/1400 last Friday.
“As such, there is a considerable reluctance to buy into the local note and KLCI stocks at this stage until it becomes clear what is the economic fallout from the disruption to supply chains and to Chinese demand.
“This is the major stumbling block for the currency,” he told Bernama.
Against other major currencies, the ringgit was also traded lower.
It depreciated against the Singapore dollar to 2.9848/9874 from 2.9730/9769 last Friday and fell versus the euro to 4.5384/5421 from 4.5306/5354.
The local currency also declined vis-a-vis the Japanese yen to 3.7771/7805 from 3.7672/7712 and decreased against the British pound to 5.3508/3563 from last Friday’s close of 5.3466/3534. — Bernama
