Weak oil prices drag ringgit lower in early trading


KUALA LUMPUR: The ringgit remained lower this morning as demand for the local note was dampened by weaker oil prices and reduced hope for higher US interest rates.

At 9am, the ringgit was quoted at 4.1245/1285 versus the greenback against 4.1210/1260 on Wednesday.

Global oil prices fell nearly to its lowest level in two weeks following concerns that demand for crude would slow down this year.

The overnight West Texas Intermediate for October futures, on the New York Mercantile Exchange, settled at US$43.58 a barrel, down US$1.32 or 2.94 per cent.

Against other major currencies, the ringgit also traded lower.

It fell against the Singapore dollar to 3.0225/0276 from 3.0173/0218 on Wednesday and weakened versus the yen to 4.0278/0321 from 4.0103/0164.

The local unit depreciated against the British pound to 5.4683/4740 from yesterday’s 5.4430/4521 and declined against the euro to 4.6368/6429 from 4.6246/6318 on Wednesday.