Ringgit ends firmer against US dollar on higher oil prices

KUALA LUMPUR: The ringgit ended on a better note against the US dollar today amid higher oil prices, analysts said.

At 6pm, the local currency was traded at 4.1380/1420 against the greenback from 4.1440/1470 at Thursday’s close.

Oil prices improved after data showed a rising number of air travellers in major markets, namely the United States and China, indicating better demand for petroleum products.

At the time of writing, the benchmark Brent crude oil jumped 3.38 percent to US$64.86 per barrel.

“Markets are also cautious amid the US job report data due out later today, which somewhat eased the interest for the US dollar and pause bond yields,” she told Bernama.

On the local front, a report on improved local manufacturing data by IHS Markit, which said the headline Malaysia Manufacturing Purchasing Managers’ Index rose to 49.9 in March from 47.7 in February this year, also lent support to the local currency.

Meanwhile, Axi chief global market strategist Stephen Innes said the ringgit was also supported by news that Bank Negara Malaysia has introduced a market-friendly tweak in an attempt to liberalise foreign policy rules.

“This is to foster greater risk management of exporters and ringgit flows,“ he said.

At 6pm, the ringgit, however, was traded lower against other major currencies.

The local note eased against the Singapore dollar to 3.0780/0816 from 3.0774/0803 and fell vis-a-vis the yen to 3.7455/7494 from 3.7387/7418.

It retreated versus the British pound to 5.7241/7309 from 5.7063/7112 at Thursday’s close, and dipped against the euro to 4.8733/8797 from 4.8646/8690 previously. — Bernama

Source: The Sun Daily