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Ringgit higher against US$ on higher oil price
March 04, 2019
Ringgit higher against US$ on higher oil price

KUALA LUMPUR: The ringgit was slightly higher against the US dollar early Monday as stronger global oil price helped lift market sentiment towards the local note.


At 9.01 am (0101 gmt), the ringgit rose to 4.0710/0770 against the greenback compared with Friday's close of 4.0720/0770.


A dealer said the firmer oil price is viewed as positive for the local note, as it would improve the country's oil and gas revenue.


International Brent futures were 0.3 per cent higher at US$65.25 a barrel while the US West Texas Intermediate (WTI) crude futures rose 0.5 per cent to US$56.05 per barrel.


“Uncertainties surrounding the trade war has caused financial markets to react negatively as it clouds the outlook for the global economy,” he added.


Meanwhile, the ringgit traded higher against other major currencies, except against the euro, where it fell to 4.6279/6360 from 4.6258/6319 last Friday.


It rose against the Singapore dollar to 3.0060/0115 from 3.0105/0146, appreciated against the Japanese yen to 3.6348/6405 from 3.6383/6438 and strengthened versus the British pound to 5.3880/3963 from 5.3921/3000.  Bernama



Read more at https://www.thestar.com.my/business/business-news/2019/03/04/ringgit-higher-agauinst-us$/#iVVe5TOKTbtmcGhp.99

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