Ringgit rises as oil prices climb sharply overnight

Bank Negara Malaysia's international reserves rose by US$600mil to US$103.3bil as at July 15, 2019 from two weeks prior.

KUALA LUMPUR: The ringgit extended yesterday gains to open firmer against the US dollar this morning, amid a rebound on the oil market, dealers said.

At 9.05 am, the ringgit traded at 4.1740/1770 versus the greenback from 4.1750/1790 at Wednesday's closing.

The benchmark Brent crude rose about eight per cent after the Organisation of the Petroleum Exporting Countries inked a landmark agreement to cut production.

However, during the Asian time, the price slipped 0.64 per cent to US$54.41 per barrel.

Another dealer said an easing in China-US trade tensions, with a delegation from Washington travelling to Beijing in early January to hold trade talks with Chinese officials, also helped boost sentiment in the market.

At the opening bell, the ringgit traded higher against other major currencies.

It rose against the Singapore dollar to 3.0418/0451 from Wednesday's 3.0441/0486 and was firmer versus the Japanese yen at 3.7617/7648 from 3.7755/7802.

The local currency appreciated against the British pound to 5.2830/2877 from 5.2981/3040 and strengthened vis-a-vis the euro to 4.7454/7492 from 4.7528/7578. - Bernama