KUALA LUMPUR: Concerns over the novel coronavirus (2019-nCoV) outbreak’s impact on the world economy continues to pressure the ringgit, which opened lower against the US dollar today. At 9.01am, the ringgit stood at 4.1200/1230 against the US dollar from 4.1125/1155 on Monday. AxiCorp’s chief market strategist Stephen Innes said the virus outbreak has brought pressure on the local currency due to Malaysia’s close trade ties with China. It rose against the Singapore dollar to 3.0023/0055 from 3.0051/0084 on Monday, and depreciated vis-a-vis the Japanese yen to 3.7930/7969 from 3.7896/7931. The local currency weakened against the euro to 4.5563/5613 from 4.5529/5579, but strengthened against the British pound to 5.3523/3566 from 5.3792/3839 previously.

Source: New Strait Times February 04, 2020 01:52 UTC