KUALA LUMPUR, July 9 — The ringgit closed slightly lower against the US dollar today despite the rebound in oil prices.
At 6pm, the local note stood at 4.1895/1940 versus the greenback from yesterday’s close of 4.1815/1830.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said although the ringgit was weaker today, the local unit is expected to get some support from the firmer Brent crude oil price due to the drop in crude stockpiles.
As at press time, Brent crude oil price rose 0.98 per cent to US$74.85 (RM314) per barrel.
The ringgit also traded lower against a basket of major currencies.
It fell against the British pound to 5.7798/7860 from yesterday’s close of 5.7592/7612 and depreciated vis-a-vis the euro to 4.9667/9720 from 4.9480/9497.
The local currency also slipped against the Japanese yen to 3.8076/8120 from 3.8045/8062 and weakened versus the Singapore dollar to 3.0953/0991 from 3.0928/0942 previously. — Bernama
Source: Malay Mail
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