Ringgit closes sharply higher against US dollar

KUALA LUMPUR: The ringgit ended sharply higher against the US dollar today on sustained buying interest for the local currency, said a dealer.

At 6pm, the local note stood at 4.1500/1550 against the greenback from Thursday’s close of 4.1660/1700.

OANDA head of trading for Asia Pacific Stephen Innes said the local currency should take solace in surging oil prices along with the bullish flip in global equity markets.

“These are two significant positives for Malaysian capital markets, despite the stronger US dollar,“ he added.

International benchmark Brent Crude rose 1.92% to US$53.74 after the recent volatility.

“The real kicker for oil markets was the reaffirmation from Russian Energy Minister Novak who voiced expectations for a more stable market in the first half of 2019 and most importantly, suggested 100% cooperation among OPEC and its allies in supporting the market,” said Innes.

Meanwhile, the ringgit was mostly lower against major currencies.

The domestic unit rose against the British pound to 5.2468/2548 against Thursday’s 5.2600/2667 but declined against the euro to 4.7488/7550 from 4.7459/7521.

It depreciated against the Singapore dollar to 3.0336/0384 from 3.0329/0369 and fell against the Japanese yen to 3.7597/7653 from 3.7576/7618. — Bernama

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