KUALA LUMPUR: The ringgit closed higher against the US dollar today on improved oil prices, a dealer said.
At 6 pm, the local unit rose to 4.3270/3370 versus the greenback from last Friday’s close of 4.3310/3370.
Financial services firm AxiCorp’s chief global market strategist Stephen Innes said it was an extremely whippy 24-hour session in oil prices and global market in general due to concerns about demand as countries slowly emerge from lockdown.
“With oil prices sort of moving in the right direction every week and with China’s central bank signalling more policy measures to support the virus-ravaged economy, it should assist regional currencies,” he added.
Meanwhile, the ringgit closed firmer against a basket of major currencies.
The local currency rose against the Singapore dollar to 3.0530/0597 from last Friday’s close of 3.0645/0696 and strengthened versus the Japanese yen to 4.0247/0326 from 4.0716/0780.
The ringgit appreciated vis-a-vis the euro to 4.6814/6909 from 4.6948/6022 and improved against the British pound to 5.3356/3464 from 5.3626/3718 previously. – May 12, 2020, Bernama
