Thursday, 19 Mar 2020 07:29 PM MYT
The US dollar is currently in high demand following concerns of economic downturns as Covid-19 continues to dent market sentiment, said an analyst. — Reuters pic KUALA LUMPUR, March 19 — The ringgit has extended its decline against the greenback as investors shift to the US dollar due to its position as the most liquid currency in the world.
The US dollar is currently in high demand following concerns of economic downturns as Covid-19 continues to dent market sentiment, said an analyst.The ringgit has reached its lowest level since April 2017, and the local note is expected to decline even further as oil prices continue to remain under US$30 per barrel, global equities continue to plunge and emerging market currencies remain under pressure due to falling demand.
“We can see that investors are hoarding the safe-haven greenback, and the thing that makes it worse for the ringgit is that oil price has continued to fall and exports will experience a steep decline in the first quarter, depleting the nation’s income by more than 25 per cent,” she said. Energy analysts believe that the worse is yet to come for the oil market as it braces for a bigger impact in April.It rose slightly against the Singapore dollar at 3.0425/0470 from 3.
On-the-Way to 4.50 to Greenback!
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