Ringgit higher against US dollar in early session

Publish date: Tue, 08 Jan 2019, 10:41 AM
KUALA LUMPUR: The ringgit was higher against the US dollar in the early trading session as higher global oil prices lifted market sentiment for the local note.
 
At 9.20 am, the ringgit stood at 4.1100/1150 versus the US dollar from 4.1120/1160 yesterday.
 
A dealer said global oil prices rose as Organisation of the Petroleum Exporting Countries-led supply cuts helped to tighten markets.
 
“Higher oil prices are viewed as positive for Malaysia’s oil and gas revenue,” he added.
 
International Brent crude futures rose 44 cents to US$57.77 per barrel while US West Texas Intermediate (WTI) crude oil futures increased 33 cents to US$48.85 per barrel.
 
Meanwhile, the ringgit traded lower against other major currencies except for the yen, against which it rose to 3.7849/7905 from 3.8004/8044 at the close yesterday.
 
The local unit declined against the Singapore dollar to 3.0296/0335 from 3.0284/0334, fell against the British pound to 5.2518/2602 from 5.2424/2491 and weakened against the euro to 4.7113/7187 from 4.7037/7099.
 
 - Bernama
 
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Foreign funds buying local stocks?

2019-01-09 05:06

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