Ringgit depreciates against US dollar


KUALA LUMPUR: The ringgit reversed its earlier gains to close weaker against the US dollar today as the falling crude oil prices continued to weigh on sentiments, said an analyst.

At 6 pm, the local unit depreciated against the greenback to 4.4030/4060 from Friday's close of 4.4010/4045.

The analyst said oil prices had eased on Monday as investors were cautious about moves against Russian oil and gas exports that might arise from the Group of Seven (G7) nations meeting.

At the press time, benchmark Brent crude oil was traded at US$113.14 per barrel, down by 0.14 per cent.

He also expects the USD/MYR (US dollar-ringgit pair) to remain volatile as growing fears of a recession are causing market participants to be defensive, leading to higher demand for safe-haven currencies.

Meanwhile, the local currency was traded mixed against a basket of major currencies.

The ringgit appreciated against the British pound to 5.4064/4101 from Friday's close of 5.4128/4171 and rose versus the Japanese yen to 3.2564/2589 from 3.2590/2621 previously.

However, it had depreciated against the Singapore dollar to 3.1779/1805 from 3.1710/1740 and fell against the euro to 4.6535/6567 from 4.6444/6481 on Friday last week. - Bernama

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Ringgit , US dollar , Russia , Brent crude oil , recession

   

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