Weak US dollar boosts sentiment for ringgit

ringgit-dollarKUALA LUMPUR: The ringgit traded higher against the US dollar this morning as the weakening greenback lifted demand for commodity-linked and emerging currencies, dealers said.

At 9 am, the local note was quoted at 4.3160/3210 against the US dollar from yesterday’s close of 4.3250/3300.

Crude oil price jumped more than 2% last night on positive news that supply cuts might continue into 2018.

Demand for the US dollar was also dampened by the weaker-than-expected New York-area manufacturing data.

Meanwhile, the ringgit traded mostly higher against a basket of other major currencies.

It rose against the Singapore dollar to 3.0879/0919 from 3.0913/0953 on Monday, strengthened versus the Japanese yen to 3.7960/8007 from 3.8126/8173 and firmed against the British pound to 5.5707/5801 from 5.5901/5983, previously.

However, the local unit depreciated vis-a-vis the euro to 4.7398/7458 from 4.7372/7439 recorded yesterday.