KUALA LUMPUR: The ringgit closed slightly higher against the US dollar today as crude oil price rose, boosted by possible production cuts by Organization of the Petroleum Exporting Countries (Opec), said a dealer.
At 6pm, the local currency rose to 4.4840/4.4870 against the greenback from yesterday’s close of 4.4865/4.4900.
The market is also awaiting the US Energy Information Administration (EIA) oil inventory report set to be released later today.
Putra Business School economic analyst Ahmed Razman Abdul Latiff said there is domestic demand for the ringgit but it is limited and not enough to prop up the local unit higher against the US dollar.
This is due to continuous worries over US inflation and interest rate, he told Bernama.
At the time of writing, Brent crude oil rose 0.77% to US$101 per barrel.
Meanwhile, the ringgit traded lower against a basket of major currencies.
It depreciated against the Singapore dollar to 3.2169/3.2195 from 3.2141/3.2170 at yesterday’s close and declined versus the British pound to 5.2916/5.2951 from 5.2833/5.2874 previously.
The local unit also dipped against the euro at 4.4593/4.4623 from 4.4551/4.4586 yesterday and eased marginally vis-a-vis the Japanese yen to 3.2847/3.2872 from 3.2662/3.2690 previously.