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Ringgit opens lower as oil prices retreat

ringgit-opens-lower-as-oil-prices-retreat

KUALA LUMPUR,. The ringgit opened lower against the US dollar today due to easier oil prices and the strengthening greenback following the strong demand for the United States (US) Treasuries’ US$27 billion 20-year bond sale.

At 9am, the local note stood at 4.2370/2395 versus the greenback from Wednesday’s close of 4.2350/2390.

An analyst said movement restrictions in some of the world’s busiest ports in China due to the latest Covid-19 wave prompted concerns on demand for the oil and gas market.

At the time of writing, oil benchmark Brent crude was 1.45 per cent lower at US$67.33 per barrel.

He also noted that investors remained cautious ahead of the appointment of a new prime minister this week.

A special meeting of the Malay Rulers is expected to be held tomorrow at the Istana Negara where the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah would most likely share the candidate chosen by the 220 Members of Parliament.

Meanwhile, the local note opened higher against a basket of major currencies.

The ringgit rose against the Singapore dollar to 3.1102/1122 from 3.1142/1176 at Wednesday’s close and improved against the Japanese yen to 3.8525/8548 from 3.8619/8659 previously.

It gained versus the British pound to 5.8191/8225 from 5.8223/8278 and strengthened vis-a-vis the euro to 4.9522/9551 compared to 4.9617/9664 yesterday. — Bernama

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