Ringgit falls to 4.27 against US dollar

comments     Bernama     Published     Updated

The ringgit closed lower against the US dollar today in thin trading, on concerns over the sustained global oil glut, a dealer said.

At 5pm, the ringgit was quoted at 4.2700/2750 against the greenback from yesterday’s close of 4.2550/2600.

The dealer said softer crude oil prices will keep the currencies of oil-producing nations under pressure.

“Concerns over the crude oil oversupply remains. The recent decline in the West Texas Intermediate crude to a seven-year low has dampened the risk appetite of investors,” he added.

Another dealer said traders felt safer holding on to the greenback as the possibility of a US interest rate hike looms.

The ringgit also traded lower against other major currencies at closing today.

The local note declined against the British pound to 6.4221/4322 from yesterday’s close of 6.3944/4032, and eased against the euro to 4.6620/6692 from 4.6222/6285.

It weakened against the Singapore dollar to 3.0359/0397 from 3.0199/0239 and was lower against the yen at 3.4775/4824 from 3.4574/4623.

- Bernama



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