NSTbusiness: The ringgit weakened against the US dollar in the early trading session today on lingering concerns over Covid19 and plunging global oilprices, dealers said.
At 9.07am, the local note eased to 4.2330/2370 against the greenback from Monday’s close of 4.2130/2170.
AxiCorp chief market strategist Stephen Innes said the crash in oil prices has reverberated through financial markets following the collapse of an oil supply pact between the Organisation of Petroleum Exporting Countries and Russia on Friday. “Markets are in the process of pricing in an all-out oil price war, anticipating that producers will work to balloon market share against the backdrop of a Covid-19-driven global demand shock,” he said in a note today.
Brent crude, the benchmark oil price, recovered 5.7 per cent to US$36.32 per barrel as of last count.The domestic unit strengthened against the British pound to 5.5236/5297 from 5.5325/5395, and appreciated against the yen to 4.0895/0945 from 4.1086/1137. It fell against the Singapore dollar to 3.0565/0612 from 3.0428/0467, and was sharply lower against euro to 4.8176/8238 from 4.7982/8044. - Bernama
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dozens charged in US horse racing doping scandalSubstances made the horses run faster than their natural ability allowed, increasing risk of injury. FMTNews HorseRacing Doping MaximumSecurity
Read more »
As global arms trade thrives, US widens lead over RussiaShipments from the US grew by 23%, raising its share of total global arms exports to 36%. FMTNews US
Read more »
Saudi Arabia to fine people up to US$133,000 for hiding health statusKing Salman has donated US$10 mil to support efforts to counter the coronavirus outbreak. FMTNews SaudiArabia KingSalman
Read more »
US lawmakers exposed to virus had recent contact with TrumpDoug Collins, Matt Gaetz are in self-quarantine but do not report any symptoms. FMTNews DougCOllins MattGaetz DonaldTrump Virus
Read more »
Virus threat fuels demand for traditional cures in USPrescriptions almost double since late February as cases started spreading across the country. FMTNews WHO China US Health
Read more »
US rejects Afghan bid for parallel govt | The Malaysian InsightMike Pompeo’s statement comes after Ashraf Ghani, Abdullah Abdullah both inaugurate themselves as president in rival ceremonies.
Read more »