KUALA LUMPUR, March 18 ― The ringgit extended its losses against the US dollar at the opening session with more investors turning to safe-haven currencies due to concerns over the spreading of the Covid-19 pandemic, dealers said.
At 9.00am, the local currency depreciated to 4.3530/3630 against the greenback from yesterday's closing of 4.3480/3530.
A dealer said many countries including Malaysia have taken measures to mitigate the economic effect of Covid-19 by introducing economic stimulus measures and relief packages aimed at alleviating the people as well as businesses from hardships caused by the virus.
The US Federal Reserve has announced a 100 basis-point emergency interest rate cut to between zero and 0.25 per cent to cushion the world's largest economy from impacts associated with the coronavirus.
Against other major currencies, the ringgit was traded higher.
It appreciated against the Singapore dollar to 3.0481/0568 from 3.0482/0528 and increased versus the Japanese yen to 4.0535/0635 from 4.0792/0850 yesterday's close.
The local note rose vis-a-vis the British pound to 5.2719/2858 from 5.2911/1985 and improved against the euro to 4.7844/7967 from 4.8228/8297. ― Bernama