Malaysia needs to resolve its domestic issues in order to boost investor confidence and this would help stem the decline in the ringgit
KUALA LUMPUR: The ringgit was slightly higher against the US dollar in the early session today, following the rise in global oil price.
At 9.21 am, the local unit was traded at 4.4420/4470, higher against the greenback’s close at 4.4450/4480 last Friday.
A dealer said international benchmark Brent Crude futures rose eight cents to US$55.57 per barrel as at 8.16 am today, on statements from oil producers that output cut was being implemented.
“This helped lift market sentiment and prompted demand for the local note,” he said.
Meanwhile, ForexTime Market Research Vice-President Jameel Ahmad said the impact of Donald Trump’s inauguration towards the financial markets had been fairly muted, with investors in a wait-and see mode.
“Investors are waiting for clarity on how the new US President will be able to implement his campaign promises before deciding on their next strategic positions,” he added.
The ringgit traded lower against a basket of major currencies.
It depreciated against the Singapore dollar to 3.1286/1324 from the 3.1112/1135 recorded last Friday, and declined against the yen to 3.9027/9074 from 3.8619/8648.
The local note fell against the British pound to 5.5019/5107 from 5.4625/4679 and weakened against the euro to 4.7649/7721 from 4.7321/7358. - Bernama
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