KUALA LUMPUR, April 9 — The ringgit ended higher against the US dollar ahead of the outcome of the virtual meeting held by the Organisation of the Petroleum Exporting Countries and allied oil producers (Opec+) later today, said an analyst.
At 6pm, the domestic unit was pegged at 4.3320/3380 against the greenback from Wednesday’s close of 4.3450/3545.
OANDA senior market analyst for Asia Pacific, Jeffrey Halley said Asian currencies have entered a holding pattern ahead of a major event risk tonight and a long weekend across most of the region.
“The market is awaiting the outcome of the Opec+ meeting on oil production cuts and the United States Jobless Claims data this evening. Of the two, the Opec+ meeting is probably the most important for the ringgit,” he told Bernama.
The crude oil price has rallied in anticipation of a 10 million barrel reduction in production and this has pushed emerging market currencies higher this week, he added.
“A cut above 15 million barrels should see renewed strength in the ringgit. A failure to strike an agreement would see oil price collapsing and the ringgit dropping,” said Halley.
Meanwhile, the ringgit was traded mixed against a basket of currencies.
The domestic unit eased against the Singapore dollar at 3.0432/0841 from 3.0406/0487 on Wednesday and rose against the yen to 3.9802/9868 from 3.9906/0005 yesterday.
It fell against the British pound to 5.3834/3926 from 5.3376/3526 but slightly advanced against the euro to 4.7123/7202 from 4.7173/7291. — Bernama
