Ringgit higher against US dollar in early trade

Higher oil prices on declining US stockpile help lift the ringgit in early trade. — Reuters pic
Higher oil prices on declining US stockpile help lift the ringgit in early trade. — Reuters pic

KUALA LUMPUR, Dec 5 — The ringgit was higher against the US dollar in early trade today as market sentiment towards the ringgit was lifted by reports of declining oil stockpile in the United States, which in turn, has caused the global oil price to increase.

At 9.14 am, the ringgit was traded at 4.1700/1750 against the greenback from 4.1750/1780 at yesterday’s close.

A dealer said Brent crude futures rose 3.6 per cent to US$63 (RM263) a barrel while the US West Texas Intermediate (WTI) crude futures increased 4.2 per cent to US$58.43 a barrel.

“Furthermore, oil price also improved following reports that the Organisation of the Petroleum Exporting Countries (OPEC) and allies will extend production curbs when they meet in Vienna this week.

“This is very positive for Malaysia's oil and gas revenue,” he added.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies, except against the British pound, where it declined to 5.4652/4726 from 5.4488/4544 at yesterday's close.

It rose against the Singapore dollar at 3.0592/0640 from 3.0613/0639, was higher against the yen at 3.8299/8356 from 3.8391/8429 and appreciated against the euro to 4.6204/6267 from 4.6226/6263 previously. — Bernama

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