KUALA LUMPUR, July 15 — The ringgit ended higher against the US dollar today amid higher crude oil prices and a weaker greenback, dealers said.
As at 6pm, the local unit rose to 4.2600/2640 against the greenback from yesterday’s close of 4.2680/2720.
A dealer said Brent crude oil was trading at US$43 per barrel, ahead of the meeting of the Organisation of the Petroleum Exporting Countries and allies (Opec+) later today to decide on supply cuts.
On the other hand, the US dollar retreated as traders were unfazed by diplomatic tensions between the United States and China and the rising Covid-19 cases.
AxiCorp chief global market strategist Stephen Innes told Bernama despite an escalation in US-China tensions following the order to end Hong Kong’s special status with the United States, the ringgit had performed well as the greenback had broadly weakened due to improving global risk sentiment.
“A big draw in the US oil inventory data, which was perceived as bullish for oil and had moved the commodity’s price higher into the Asia close, also buttressed sentiment on the ringgit,” he added
Meanwhile, the ringgit was traded lower against other benchmark currencies.
The local unit fell against the British pound to 5.3680/3748 from yesterday’s 5.3431/3485 and depreciated against the yen to 3.9835/9877 from 3.9758/9806 yesterday.
The ringgit decreased against the Singapore dollar to 3.0661/0694 from 3.0628/0661 on Tuesday and weakened against the euro to 4.8675/8729 from 4.8484/8534. — Bernama
