KUALA LUMPUR, March 7 — The ringgit closed higher against the US dollar today on better demand amid rising global crude oil prices, as well as, tapering request for the greenback in the midst of a US trade deficit, dealers said.
At 6pm, the local currency was quoted at 4.0860/0900 against the US dollar compared with yesterday’s close of 4.0870/0910.
OANDA senior market analyst Jeffrey Halley said things were not going according to US President Donald Trump’s tariff plan as the 2018 trade data showed that the deficit had reached a 10-year high.
Benchmark Brent crude oil was 1.05 per cent higher at US$66.68 per barrel while US West Texas Intermediate (WTI) crude oil rose 0.73 per cent to US$56.63 per barrel.
Meanwhile, the ringgit was traded lower against other major currencies.
It declined against the Japanese yen to 3.6574/6619 from 3.6530/6579 yesterday and depreciated against the Singapore dollar to 3.0108/0140 from 3.0098/0139.
The local unit eased against the euro to 4.6209/6258 from 4.6187/6236 and decreased versus the British pound to 5.3784/3853 from 5.3724/3793 yesterday. — Bernama
