KUALA LUMPUR, Jan 31 — The ringgit ended higher against the US dollar today on continued buying interest driven by steady crude oil prices, said an analyst.
At 6pm, the local note rose to 4.1840/1870 versus the greenback from 4.1880/1915 at Friday’s close.
The analyst said the strong oil prices would benefit the Malaysian government, allowing for the smooth implementation of expansionary fiscal policies.
At the time of writing, benchmark Brent crude oil increased 0.84 per cent to US$90.79 per barrel and West Texas Intermediate added 0.60 per cent to US$87.34 per barrel.
However, the ringgit was traded lower against a basket of other major currencies.
It eased against the Singapore dollar to 3.0899/0925 from Friday’s close of 3.0860/0890 and fell vis-a-vis the Japanese yen to 3.6247/6276 from 3.6222/6252.
The local currency also depreciated against the British pound to 5.6262/6303 from 5.6031/6078 last Friday and declined versus the euro to 4.6777/6811 compared with 4.6621/6660 previously.
The market will be closed on February 1 and 2 for the Chinese New Year holiday and will resume trading on Thursday, February 3. — Bernama
