KUALA LUMPUR, July 15 — The ringgit further strengthened today as oil prices continued to appreciate amid a weaker US dollar, said a dealer.
At 6pm, the local note was traded at a nearly three-month high since April 15 at 4.1070/1100 against the greenback compared with last Friday’s close of 4.1140/1170.
At the time of writing, Brent crude was trading 0.54 per cent higher at US$67.08 per barrel.
Maybank IB Research Analyst Nik Ihsan Raja Abdullah told Bernama that the ringgit will keep on a positive momentum for the short term as the US dollar remains under pressure over increased interest rate cut sentiments.
Traders will be focused on the US Federal Reserve this week to decide on whether the Fed will have an interest rate cut in July.
However, the local note traded lower against a basket of major currencies.
It fell against the Singapore dollar to 3.0285/0319 from Friday’s close of 3.0217/0251 and eased against the yen to 3.8074/8112 from 3.7910/7954.
The local currency depreciated versus the British pound to 5.1580/1634 from 5.1511/1586 and slipped against the euro to 4.6319/6365 from 4.6273/6323. — Bernama
