KUALA LUMPUR, July 25 — The ringgit closed slightly higher against the US dollar today, boosted by stronger oil prices and improved forecast for palm oil related products.
At 6pm, the ringgit stood at 4.1130/1160 against the greenback from yesterday’s close of 4.1170/1200.
A dealer said that benchmark Brent Crude was recorded at US$63.50 (RM262) as the Gulf conflict between the US and Iran intensified, with China condemning the US sanctions over Iran crude oil.
“The conflict is expected to escalate this week, leading to more uncertainty in the region. However, now there are reports that Kuwait and Saudi Arabia are in talks to have a neutral zone for oil production,” he said.
As for palm oil, he said that an increase in demand is expected from both China and India.
“Despite talks that India would probably raise the import duty on refined palm oil, industry leaders should not be worried as both countries (Malaysia and India) had signed the Comprehensive Economic Cooperation Agreement. This would calm the market for now,” he said.
Meanwhile, the ringgit was traded higher against a basket of major currencies.
It was slightly higher against the Singapore dollar at 3.0116/0143 from 3.0170/0196 yesterday and rose against the yen to 3.8048/8086 from 3.8099/8138.
The local currency also gained versus the British pound to 5.1314/1372 from 5.1343/1397 and advanced vis-a-vis the euro to 4.5765/5815 from 4.5847/5897 previously. — Bernama
