KUALA LUMPUR, Aug 3 — The ringgit closed sharply lower today against major currencies, including the US dollar, as sentiment remained weak amid declining oil prices, said a dealer. 

At 6pm, the local unit was quoted at 4.0560/0650 versus the greenback from 4.0300/0400 yesterday.

FXTM Chief Market Strategist, Hussein Sayed, said the risk-off mood was elevated as oil prices entered into a bearish territory this week, falling by more than 20 per cent from their June peaks.

He said according to the American Petroleum Institute, the US oil inventories fell by 1.34 million barrels and gasoline inventories by 0.45 million tonnes.

"This helped stabilise prices somehow, but the focus today will turn to the Energy Information Administration’s release after showing stockpiles fell by 1.9 million barrels in the week ended July 29,” said Hussein.

The ringgit was traded easier against a basket of major currencies.

It depreciated against the Singapore dollar to 3.0194/0268 from 3.0068/0165 yesterday and eased against the yen to 4.0051/0152 from 3.9619/9736 yesterday.

The ringgit fell to 5.4095/4227 against the British pound from 5.3309/3465 yesterday and eased against the euro to 4.5387/5504 from 4.5116/5240 yesterday. — Bernama