Ringgit strengthens as oil prices continue to rise



KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today as the price of oil continues to strengthen.

At 9:02 am, the local currency rose to 4.1250 / 1257 against the greenback at Tuesday’s close of 4.1265 / 1283.

ActivTrades trader Dyogenes Rodrigues Diniz said the greenback was trading flat against the local rating despite positive data from the ISM Purchasing Managers Index (PMI) for the United States.

“The dollar only managed to gain 0.05% against the Malaysian currency,” he said.

Meanwhile, oil prices rose sharply on Tuesday to reach their highest level in more than two and a half years, with Brent surging above $ 71 a barrel.

The Organization of the Petroleum Exporting Countries and its allies (OPEC +) decided yesterday at a meeting to maintain plans to increase July oil production by 840,000 barrels per day.

As of this writing, benchmark Brent crude oil has advanced 0.63% to US $ 70.69 per barrel.

Meanwhile, the local note also traded higher on the open against a basket of major currencies.

Against the Singapore dollar, the ringgit rose to 3.1196 / 1204 from yesterday’s close of 3.1229 / 1255 and edged up against the yen at 3.7632 / 7639 from 3.7638 / 7789

The ringgit also strengthened against the euro at 5.0416 / 0423 from 5.0491 / 0514 and gained against the British pound at 5.8401 / 8421 from 5.8583 / 8621. – Bernama



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