Ringgit marginally higher against US dollar

KUALA LUMPUR : The ringgit snapped back from previous losses to close marginally higher against the US dollar today as traders’ risk appetite improved slightly despite COVID-19 concerns.

The local currency rose to 4.2300/2350 against the greenback from 4.2350/2400 at yesterday’s close.

A dealer said investors were mixed in their demand for emerging currencies including the ringgit amid persistent concerns over COVID-19.

Meanwhile, oil prices climbed for the second day on Wednesday, before closing in the red amid investors’ hope that US producers will cut output, after Monday’s crash which saw Saudi Arabia and Russia triggering a price war.

International benchmark Brent crude oil declined 1.93 per cent to US$36.50 per barrel at the close.

Against other major currencies, the ringgit was traded higher.

It rose against the Singapore dollar to 3.0425/0468 from Tuesday’s close of 3.0481/0526 and increased versus the Japanese yen to 4.0263/0322 from 4.0472/0531.

The local unit appreciated against the British pound to 5.4812/4894 from 5.5305/5374 and improved vis-a-vis the euro to 4.7812/7877 from 4.8063/8137 yesterday.

Source: NST