Ringgit slightly higher against US dollar in early trade

Ringgit slightly higher against US dollar in early trade

KUALA LUMPUR,. The ringgit was slightly higher against the US dollar this morning as stronger global oil price helped lift market sentiment towards the local note.

At 9.01am, the ringgit rose to 4.0710/0770 against the greenback compared with Friday’s close of 4.0720/0770.

A dealer said the firmer oil price is viewed as positive for the local note, as it would improve the country’s oil and gas revenue.

International Brent futures were 0.3 per cent higher at US$65.25 (RM265.88) a barrel while the US West Texas Intermediate (WTI) crude futures rose 0.5 per cent to US$56.05 per barrel.

“Furthermore, market players are also optimistic that the United States and China will sign a trade deal this month thus, putting an end to a trade war between the two giant economies.

“Uncertainties surrounding the trade war has caused financial markets to react negatively as it clouds the outlook for the global economy,” he added.

Meanwhile, the ringgit traded higher against other major currencies, except against the euro, where it fell to 4.6279/6360 from 4.6258/6319 last Friday.

It rose against the Singapore dollar to 3.0060/0115 from 3.0105/0146, appreciated against the Japanese yen to 3.6348/6405 from 3.6383/6438 and strengthened versus the British pound to 5.3880/3963 from 5.3921/3000. — Bernama