KUALA LUMPUR, Dec 6 — The ringgit closed higher at the end of this week, bolstered by higher oil price for the second consecutive day.
As at 6pm, the local note was quoted at 4.1580/1610 against the greenback compared with yesterday’s close of 4.1680/1710.
A dealer said the global oil price rose after the Organisation of the Petroleum Exporting Countries agreed to increase output curbs by an extra 500,000 barrels per day in early 2020.
This has led to the benchmark Brent crude to climb to US$63.52 per barrel as at 6pm today.
“The increase in oil price is seen to be positive for Malaysia as it would provide a boost to the country’s oil and gas revenue, which is one of the primary sources of income for the country,” he said.
The ringgit has also been on a steady rise since Tuesday this week, backed by strong local economic fundamentals, as well as the industrial production figures which are set to remain in expansionary territory.
“As the trade tension between the US and China has stabilised, wherein both parties are set to come out with a deal on December 15, the ringgit is expected to strengthen in the coming weeks,” he said.
Meanwhile, the ringgit was traded mostly higher against other major currencies.
The local currency was slightly lower against the Japanese yen at 3.8284/8315 from 3.8253/8291 yesterday, and rose against the Singapore dollar to 3.0571/0605 from 3.0611/0638 yesterday.
The ringgit also appreciated against the British pound to 5.4570/4613 from 5.4730/4786 yesterday and increased against the euro to 4.6137/6179 from 4.6227/6269 previously. — Bernama
