KUALA LUMPUR, July 24 — The ringgit closed slightly higher against the US dollar today on the back of firmer oil and commodity prices, a dealer said.
At 6pm, the ringgit stood at 4.1170/1200 against the greenback from yesterday’s close of 4.1180/1190.
He said as tensions rise in the Middle East involving the Persian Gulf after Iran seized an oil tanker, oil prices would stage a rally due to fears of significant disruption in supply.
“The tensions might benefit the oil market temporarily. However, the uncertainty would weigh on the currencies more (compared to a push),” he said.
As for commodity, the palm oil futures have recovered from its earlier losses in anticipation of higher demand and the strength in related edible oils.
“This is a sign of recovery for our palm oil, and as we know the price of commodities is one of the factors that support our currency,” he said.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
It was slightly higher against the Singapore dollar at 3.0170/0196 from 3.0177/0189 yesterday, but slipped against the yen to 3.8099/8138 from 3.8056/8079.
The local currency also slid versus the British pound to 5.1343/1397 from 5.1220/1244, but advanced vis-a-vis the euro to 4.5847/5897 from 4.6023/6042 previously. — Bernama
