KUALA LUMPUR, Aug 3 — The ringgit ended higher against the US dollar today, which coincided with firmer Brent crude oil price, said an analyst.
At 6pm, the local note rose to 4.2185/2215 versus the greenback from yesterday’s close of 4.2240/2255.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the local note traded higher amid news of China renewing restrictions and cancelling flights amid a Covid-19 resurgence in the country.
“Sentiment was probably lifted by the positivity that spilled over from Indonesia whereby the country aims to gradually reopen its economy in September after its health minister said yesterday that the wave of coronavirus infections had passed its peak,” he said.
At press time, the benchmark Brent crude oil price stood at US$73.47 per barrel.
Meanwhile, at the close, the local note was also traded higher against a basket of major currencies, except against the Japanese yen, which it weakened to 3.8638/8666 from 3.8554/8571.
The ringgit rose against the Singapore dollar to 3.1223/1247 from 3.1256/1272 at yesterday’s close, appreciated vis-a-vis the euro to 5.0128/0164 from 5.0240/0262 and strengthened against the British pound to 5.8696/8738 from 5.8794/8815 previously. — Bernama
