RINGGIT EASES AGAINST US DOLLAR (SCREEN)

AZLEE NOR MAHMUD

KUALA LUMPUR, March 9 -- The ringgit eases against the US dollar as investors’ risk appetite was dampened amid concerns over COVID-19 outbreak and declining oil prices, dealers said.

The local note weakened to 4.2130/2170 against the greenback from 4.1700/1750 at last Friday's close.

Global oil prices declined significantly by up to 30 per cent in early trading after the Organisation of the Petroleum Exporting Countries’ (OPEC) failure to strike a deal with its allies regarding production cuts.

“It has caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war,” said a dealer.