Ringgit closes higher against US dollar

KUALA LUMPUR: The ringgit closed higher today against the US dollar, lifted by the firmer oil prices, dealers said.

At 6 pm, the local unit stood at 4.1370/1410 against the greenback from 4.1400/1430 on Tuesday.

A dealer said rising crude oil prices could boost Malaysia’s economic growth and trigger an increase in positive investor sentiment.

The benchmark Brent crude was trading at US$84.85 per barrel as at time of writing (05.17 am Central Daylight Time).

However, OANDA Head of Trading in Asia-Pacific Stephen Innes said buying interest for the ringgit remained low as most investors stayed on the sidelines waiting for China to return to the market following the Golden Week celebration in the republic this week.

Against a basket of major currencies, the ringgit was traded mixed.

It improved against the Singapore dollar to 3.0092/0132 from 3.0100/0129 on Tuesday and strengthened versus the yen to 3.6344/6382 from 3.6399/6438 yesterday.

The local note, however, eased against the British pound to 5.3798/3870 from 5.3634/3677 on Tuesday and it fell to 4.7853/7916 versus the euro from 4.7668/7715 previously.