KUALA LUMPUR, Dec 5 — The ringgit ended higher against the US dollar today as oil price rose overnight due to declining stockpile in the United States.
At 6pm, the ringgit finished at 4.1680/1710 against the greenback from yesterday’s close of 4.1750/1780.
A dealer said the oil price improved overnight following reports that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies will extend production curbs as they hold their meeting in Vienna, Austria at the end of this week.
As at 6 pm, global benchmark Brent crude increased to US$63.15 per barrel compared with US$60.82 per barrel yesterday.
“As Malaysia relies heavily on its oil and gas revenue, it (oil price increase) would be positive for the country’s economy,” he said.
Meanwhile, the ringgit was traded mixed against other major currencies.
The local currency was higher against the Japanese yen at 3.8253/8291 from 3.8391/8429 yesterday, and rose slightly against Singapore dollar to 3.0611/0638 from 3.0613/0639 yesterday.
The ringgit declined against the British pound to 5.4730/4786 from 5.4488/4544 yesterday and fell marginally against the euro to 4.6227/6269 from 4.6226/6263 previously. — Bernama