Ringgit closes higher on oil price surge

KUALA LUMPUR, January 10 — The ringgit rebounded to close higher against the US dollar, fuelled by the surging crude oil prices that hit three-year high today.

At 6pm, the local note finished at 4.0020/0070 against the greenback from 4.0090/0120 on Tuesday

A dealer said the higher crude oil prices had supported the ringgit, as Malaysia, being a net exporter of oil and gas, was heavily reliant on the price movements of this commodity.

“According to Reuters, Asian crude oil grades have already averaged above US$70 per barrel, while benchmark Brent crude oil price touched US$69.15 per barrel today, the highest since May 2015.

“This has somewhat lifted the sentiment for ringgit,” he said.

Against a basket of major currencies, the local unit was traded mostly higher, except the yen. 

It appreciated against the Singapore dollar to 2.9975/9024 from Tuesday’s close of 3.0023/0052, advanced against the euro at 4.7776/7844 from 4.7863/7903 yesterday and went up against the pound to 5.4019/4090 from 5.4238/4294 yesterday.

However, vis-a-vis the yen, the local note weakened to 3.5806/5857 from 3.5512/5548 on Tuesday. — Bernama

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