Ringgit extends losses to end lower against US dollar

This photo illustration shows Malaysian ringgit banknotes in Kuala Lumpur on June 29, 2015. — AFP pic
This photo illustration shows Malaysian ringgit banknotes in Kuala Lumpur on June 29, 2015. — AFP pic

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KUALA LUMPUR, Dec 2 — The ringgit extended its losses yesterday to close lower against the US dollar today as investors turned to the safe haven currency following concerns over the global economic outlook due to the Omicron scare, dealers said.

At 6pm, the ringgit stood at 4.2315/2345 against the greenback from 4.2180/2210 at yesterday’s close.

A dealer said that growing concerns over the efficacy of Covid-19 vaccines against the Omicron variant had also dampened the market sentiment.

Meanwhile, another dealer said that oil prices rose yesterday, reversing the previous day’s losses on expectations that the Organisation of the Petroleum Exporting Countries and its allies (Opec+) may pause additional oil supplies amidst fears that the Omicron variant will hurt fuel demand.

The local note was also traded lower vis-a-vis a basket of major currencies,

The ringgit fell against the Singapore dollar at 3.0961/0988 from 3.0933/0957 at yesterday’s close and depreciated versus the British pound at 5.6372/6412 from 5.6158/6198 yesterday.

It had also slipped against the Japanese yen at 3.7397/7427 from 3.7173/7203 and weakened against the euro to 4.7926/7960 from 4.7773/7807 previously. — Bernama

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