Ringgit dragged down against US$ by lower oil prices


  • Forex
  • Monday, 25 Mar 2019

The dealer said investors would now focus on global crude supplies, amid signals that the Organisation of the Petroleum Exporting Countries-led production cuts, had helped tighten an oversupplied market.  “The ringgit's performance is heavily reliant on the stability of oil prices," he added.

The dealer said investors would now focus on global crude supplies, amid signals that the Organisation of the Petroleum Exporting Countries-led production cuts, had helped tighten an oversupplied market. “The ringgit's performance is heavily reliant on the stability of oil prices," he added.

KUALA LUMPUR: The ringgit was lower against the US dollar in early trade Monday, dragged down by lower oil prices, said a dealer.

At 9 am (0100 gmt), the local currency traded at 4.0650/0750 compared with Friday's close of 4.0600/0650.

The dealer said investors would now focus on global crude supplies, amid signals that the Organisation of the Petroleum Exporting Countries-led production cuts, had helped tighten an oversupplied market.

“The ringgit's performance is heavily reliant on the stability of oil prices," he added.

At press time, benchmark Brent crude stood at US$66.22 per barrel.

Meanwhile, the ringgit traded mostly lower against a basket of other major currencies.

It declined against the Japanese yen to 3.7018/7120 from 3.6735/6784, fell versus the euro to 4.5898/6015 from 4.5882/5959 on Friday, and slipped against the British pound to 5.3601/3753 from 5.3178/3260.

The ringgit, however, improved versus the Singapore dollar to 3.0044/0123 from 3.0047/0096. - Bernam

ASIA FOREX-Thai baht gains; South Korean won, Indonesia's rupiah down most

The following table shows rates for Asian currencies against the dollar at 0146 GMT (0946 Malaysian time) on Monday March 25.
    
CURRENCIES VS U.S. DOLLAR

 Currency               Latest bid  Previous day  Pct Move

 Japan yen              109.820     109.91        +0.08
 Sing dlr               1.352       1.3523        +0.01
 Taiwan dlr             30.837      30.806        -0.10
 Korean won             1135.700    1130.1        -0.49
 Baht                   31.620      31.68         +0.19
 Peso                   52.600      52.65         +0.10
 Rupiah                 14225.000   14160         -0.46
 Rupee                  68.950      68.95         0.00
 Ringgit                4.070       4.062         -0.20
 Yuan                   6.719       6.7180        -0.01
                                                  
 Change so far in 2019

 Currency               Latest bid  End 2018      Pct Move

 Japan yen              109.820     109.56        -0.24
 Sing dlr               1.352       1.3627        +0.78
 Taiwan dlr             30.837      30.733        -0.34
 Korean won             1135.700    1115.70       -1.76
 Baht                   31.620      32.55         +2.94
 Peso                   52.600      52.47         -0.25
 Rupiah                 14225.000   14375         +1.05
 Rupee                  68.950      69.77         +1.19
 Ringgit                4.070       4.1300        +1.47
 Yuan                   6.719       6.8730        +2.29
 - Reuters

Forex , Markets , Corporate News