Ringgit opens lower despite higher oil prices

Ringgit opens lower despite higher oil prices

KUALA LUMPUR,. The ringgit opened lower against the US dollar today despite the higher oil prices, a dealer said.

He said the higher prices were offset by increasing global yields, especially those in the US, which lessened the appeal for local bonds.

“But bullish sentiment could be tempered somewhat by several reports suggesting Opec producers agreed that oil prices above US$80 a barrel would be too high.

“If the Organisation of the Petroleum Exporting Countries looks forward to stabilising prices within the US$70-US80 per barrel, it could likely weigh down on the oil market sentiment and also influence the currency market,” the dealer said.

The ringgit, however, was traded mostly higher versus other major currencies.

It rose against the Singapore dollar to 3.0260/0294 from 3.0271/0304 on Friday but weakened against the yen to 3.6690/6735 from 3.6609/6654.

It went up against the euro to 4.8518/8577 from 4.8607/8679 and increased against the British pound to 5.4051/4107 from 5.4428/4501. — Bernama