Higher oil price lifts ringgit in early trade

Higher oil price lifts ringgit in early trade

KUALA LUMPUR,. The ringgit rose against the US dollar in the early session today as market sentiment towards the local note was lifted following the rise in global oil price.

At 9.04am, the local unit traded at 4.0800/0830 against the greenback from 4.0830/0870 at yesterday’s close.

A dealer said oil price has been gaining momentum with supply cuts supporting the market.

“This, in turn, is viewed as positive for the country’s oil and gas revenue,” he added.

Brent futures rose 0.3 per cent to US$69.59 a barrel while US West Texas Intermediate crude was up 0.1 per cent to US$62.64 a barrel.

Meanwhile, the ringgit was traded mostly lower against a basket of major currencies, except against the Japanese yen, where it rose to 3.6612/6642 from 3.6662/6704 at the close yesterday.

It fell against the Singapore dollar to 3.0124/0151 from 3.0115/0149, declined against the British pound to 5.3570/3614 from 5.3275/3331 and weakened against the euro to 4.5757/5795 from 4.5738/5799 previously. — Bernama