Ringgit remains lower against US dollar

RM50 and RM100 notes are seen in George Town November 27, 2019. ― Picture by Sayuti Zainudin
RM50 and RM100 notes are seen in George Town November 27, 2019. ― Picture by Sayuti Zainudin

KUALA LUMPUR, Feb 13 — The ringgit remained lower against the US dollar for the second consecutive days due to weak demand for the local currency amid mixed external sentiments.

At 6pm, 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 the market tends to look through Covid-19 cases,” he told Bernama.

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. — Bernama

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