Ringgit opens lower on concern for oil demand

  • Forex
  • Thursday, 19 Aug 2021

KUALA LUMPUR: The ringgit opened lower against the US dollar today due to easier oil prices and the strengthening greenback following the strong demand for the United States (US) Treasuries’ US$27 billion 20-year bond sale.

At 9 am, the local note stood at 4.2370/2395 versus the greenback from Wednesday's close of 4.2350/2390.

An analyst said movement restrictions in some of the world’s busiest ports in China due to the latest COVID-19 wave prompted concerns on demand for the oil and gas market.

At the time of writing, oil benchmark Brent crude was 1.45 per cent lower at US$67.33 per barrel.

He also noted that investors remained cautious ahead of the appointment of a new prime minister this week.

A special meeting of the Malay Rulers is expected to be held tomorrow at the Istana Negara where the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah would most likely share the candidate chosen by the 220 Members of Parliament.

Meanwhile, the local note opened higher against a basket of major currencies.

The ringgit rose against the Singapore dollar to 3.1102/1122 from 3.1142/1176 at Wednesday’s close and improved against the Japanese yen to 3.8525/8548 from 3.8619/8659 previously.

It gained versus the British pound to 5.8191/8225 from 5.8223/8278 and strengthened vis-a-vis the euro to 4.9522/9551 compared to 4.9617/9664 yesterday. - Bernama
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