KUALA LUMPUR, July 6 — The ringgit ended marginally higher against the US dollar today following the Organisation of the Petroleum Exporting Countries and allies (Opec+) latest meeting yesterday.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said Opec+ had postponed the meeting, which means that no decision was made to increase production from August due to the United Arab Emirates’ (UAE) dissatisfaction on output levels as it believed its production was supposed to be higher.

At 6pm, the local note stood at 4.1530/1560 versus the greenback from 4.1560/1575 at yesterday’s close.

Adam said, therefore, the absence of a deal to increase output beginning March this year would cause a tight situation in oil supply and boost oil prices.

"With oil prices expected to be higher due to this, the ringgit which has a positive relationship with Brent crude oil price is set to benefit from this development,” he told Bernama.

At press time, global benchmark Brent crude oil price increased 0.25 per cent to US$77.35 per barrel.

Meanwhile, at the close of trading today, the ringgit was higher against a basket of major currencies.

It gained against the British pound to 5.7502/7544 from 5.7577/7598 at yesterday’s close and appreciated vis-a-vis the euro to 4.9172/9207 from 4.9357/9374.

The ringgit rose against the Japanese yen to 3.7482/7512 from 3.7495/7512 and strengthened versus the Singapore dollar to 3.0877/0902 from 3.0900/0915 previously. — Bernama