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Tuesday, December 10th, 2019

Ringgit closes lower on oil drop

by November 9, 2016 General

KUALA LUMPUR, Nov 9 — The ringgit finished sharply lower today as the oil market lost its strength amid Donald Trump’s shock victory in the US presidential election today, said a dealer.

At 6 pm, the local unit was traded at 4.2240/2300 against the US dollar from 4.2000/2050 yesterday.      

The dealer said the ringgit’s weakness was also in tandem with most emerging Asian currencies.

Meanwhile, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew said the ringgit is unlikely to fall further in the near term.  

“Oil has gone as low as I thought it could at US$44 per barrel today, and I don’t think it can go a lot further. At most it’s US$40, but I don’t expect it to revisit below US$40 again,” he told Bernama.    

International benchmark Brent crude oil eased 47 cents to US$45.57 a barrel.

The ringgit was also traded lower against other major currencies. 

The local note declined the British pound to 5.2340/2427 from 5.2177/2260 on Tuesday and depreciated against the euro to 4.6679/6754 from 4.6402/6465 yesterday.  

It went down against the Singapore dollar to 3.0345/0392 from yesterday’s 3.0225/0267 and reduced against the yen to 4.0808/0877 from 4.0188/0239. — Bernama