Higher oil price lifts ringgit

Higher oil price lifts ringgit

KUALA LUMPUR,. The ringgit was higher against the US dollar in the early trading session today on improved market sentiment due to higher global oil price.

At 9.22am, the local note was quoted at 4.1790/1820 versus the greenback from 4.1800/1840 recorded at yesterday’s close.

A dealer said global oil price rose following signs of progress in talks on resolving the trade dispute between China and the United States, which in turn, improved sentiment towards the ringgit as this would be positive for Malaysia’s oil and gas revenue.

“Brent crude futures increased 0.2 per cent to US$59.10 a barrel while US West Texas Intermediate (WTI) crude futures rose 0.3 per cent at US$53.49 per barrel,” he added.

Meanwhile, the local note was traded mostly higher against other major currencies, except against the Singapore dollar, where it eased to 3.0719/0745 from 3.0713/0751 at yesterday’s close.

The ringgit improved against the yen to 3.8442/8480 from 3.8493/8541, it appreciated against the British pound to 5.4227/4270 from 5.4269/4333 and gained against the euro to 4.6621/6659 from 4.6678/6731. — Bernama



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