Ringgit Tracks Crude Oil Lower Against US$

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The ringgit opens easier against the US dollar today in tandem with the decline in global crude oil prices.

At 9.02 am, the local unit decreased marginally to 4.3550/3650 versus the greenback from 4.3530/3630 at yesterday’s close.

The international benchmark Brent Crude went below US$20 a barrel on concerns about ample storage and the global economy.

Brent Crude was trading 0.6 per cent lower at US$19.87 as mounting concerns over scarce storage capacity especially in the United States and global economic doldrums brought about by COVID-19 pandemic.

Rakuten Trade Sdn Bhd said the research firm find it rather uneasy as the US remains the apex contributor to the global COVID-19 figures.

At the opening, the local unit however, traded mostly higher against other major currencies.

It depreciated against the Singapore dollar to 3.0673/0759 from 3.0672/0754 at Monday’s close but strengthened against yen to 4.0591/0688 from 4.0610/0715.

Vis-a-vis the pound, the ringgit rose to 5.4120/4261 from 5.4121/4254 while against the euro, it improved o 4.7169/7290 from 4.7221/7347 yesterday.

Source TheStar

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