KUALA LUMPUR, April 14 — The ringgit continued to end stronger against the US dollar today, with buying interest supported by higher crude oil prices, said an analyst.
At 6pm, the local note increased by 70 basis points to 4.1270/1300 versus the greenback, compared with 4.1340/1360 at Tuesday’s close.
Axi chief global markets strategist Stephen Innes said the ringgit’s positive performance was supported by the steady oil prices, on the back of the Organisation of the Petroleum Exporting Countries’ demand optimism.
“Also, the broadly weaker US dollar as the United States (bond) yields backpedalled proved to be favourable for the ringgit, hence improving the local note’s trading for today,” he said to Bernama.
At the time of writing, the benchmark Brent crude oil stood at US$64.78 per barrel.
Meanwhile, the ringgit had traded mostly lower against other major currencies.
The local note weakened against the Singapore dollar to 3.0861/0888 from 3.0798/0824 on Tuesday, slipped against the euro to 4.9342/9387 from 4.9170/9198 and depreciated against the yen to 3.7855/7890 from 3.7802/7834 previously.
Vis-a-vis the pound, the local currency had advanced to 5.6825/6874 from 5.6888/6932 yesterday. — Bernama
