Weak US dollar boosts sentiment for ringgit

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

At 9am, 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 two per cent last night on positive news that supply cuts might continue into 2018.

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

Meanwhile, the ringgit was 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. — Bernama


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