Ringgit fell against pound sterling

The sterling pound has taken a battering following an opinion poll published on Nov 7 showing supporters of Scottish independence are ahead for the first time, 11 days before a referendum on whether to split from Britain is due to be held - EPA Photo.

PETALING JAYA: The ringgit has weakened against the British pound after UK Prime Minister Theresa May called for an early election in a move seen to cement her position ahead of Brexit negotiations with the European Union.

At 11.20 am, the Malaysian currency was quoted at 5.6551 against the British pound. This represented a depreciation of about 2% against the UK currency.

May surprised markets earlier by calling a snap general election in June. Analysts noted an early election would give May room to negotiate a more favourable Brexit deal.

Meanwhile, the ringgit remained relatively stable against the US dollar. It stood at 4.4070 against the greenback as at mid-morning.

A dealer said the ringgit’s gain would be limited due to weak global oil prices.

International benchmark Brent crude futures fell 11 cents to close at US$55.25 a barrel, overnight.

The ringgit was traded lower against the Singapore dollar.

The local note fell against the Singapore dollar to 3.1533 from 3.1497 yesterday and was lower against the yen at 4.0580 from 4.0539.

It also weakened against the euro to 4.7274 from 4.6978 yesterday.