Ringgit lifts on higher global crude prices

KUALA LUMPUR: The ringgit opened slightly better against the US dollar today, supported by the higher global oil price.

At 9.15 am, the local currency traded at 4.0400/0450 against the greenback from yesterday’s close of 4.0470/0500.

A dealer said crude oil prices remained surprisingly stable despite the border market struggles.

"Still, the upward price momentum has stalled as concerns about the COVID-19 vaccine efficacy and the rollout are weighing oil demand risks,” he said.

At the time of writing, Brent crude gained 0.13 per cent to trade at US$55.98 per barrel.

Meanwhile, the ringgit was traded mostly lower against other major currencies.

It opened lower against the Singapore dollar at 3.0491/0531 from 3.0477/0511 on Tuesday, fell against the British pound to 5.5489/5562 from 5.5270/5327 and weakened vis-a-vis the Euro to 4.9122/9195 from 4.9078/9131 at the close yesterday.

The local currency, however, rose versus the Japanese yen to 3.8959/9011 from 3.8988/8025 previously. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

ringgit , opening , Brent crude , vaccine


Did you find this article insightful?


75% readers found this article insightful

Next In Business News

Ralph Marshall is Digital Nasional CEO, Treasury sec-gen Asri as chairman�
Hang Seng Indexes shakes up Hong Kong benchmark, aims to include 100 companies
SCH Group is now known as Hextar Industries
Petronas' Malaysia bid round 2021 attracts over 250 potential, existing investors
Celcom allocates RM1bil for 2021 capex
Bursa Malaysia ends in negative territory
UEM Edgenta to save RM100mil in shift towards healthcare tech solutions
AmInvest Research lowers end-2021 KLCI target to 1,695
UOB Kay Hian Research keeps buy call on Top Glove, lower TP RM7.60
AMMB posts net profit of RM262.8m in 3Q, RM1.09b in 9M

Stories You'll Enjoy