Ringgit lifted against US$ by higher oil price

KUALA LUMPUR: The ringgit rose against the US dollar early Wednesday as market sentiment towards the local note was lifted following the rise in global oil price.

At 9.04 am (o104 gmt), the local unit traded at 4.0800/0830 against the greenback from 4.0830/0870 at Tuesday’s close.

A dealer said oil price has been gaining momentum with supply cuts supporting the market.

“This, in turn, is viewed as positive for the country’s oil and gas revenue,” he added.

Meanwhile, the ringgit was traded mostly lower against a basket of major currencies, except against the Japanese yen, where it rose to 3.6612/6642 from 3.6662/6704 at the close Tuesday.

It fell against the Singapore dollar to 3.0124/0151 from 3.0115/0149, declined against the British pound to 5.3570/3614 from 5.3275/3331 and weakened against the euro to 4.5757/5795 from 4.5738/5799 previously.

Source : TheStar