Ringgit declines in early session on weaker oil price

KUALA LUMPUR: The ringgit was lower against the US dollar in early session today as buying sentiment for the local note was hampered by weaker global oil price.

At 9.06 am, the ringgit stood at 4.1340/1390 against the greenback from 4.1300/1350 recorded at the close yesterday.

A dealer said global oil price continued to be weaker as concerns over an economic slowdown is expected to affect fuel demand growth, thus weighing on energy prices.

“The weaker oil price is perceived to be negative for the ringgit as it will affect the country’s oil and gas revenue,” he said, adding that as at 8.24 am, the US West Texas Intermediate crude futures fell 0.5 per cent to US$52.74 per barrel.

Meanwhile, the ringgit was also traded lower against other major currencies.

It fell against the Singapore dollar to 3.0381/0429 from 3.0332/0389 and declined against the Japanese yen to 3.7757/7806 from 3.7724/7780.

The ringgit was lower against the British pound at 5.3548/3629 from 5.3335/3404 at the close yesterday and depreciated against the euro to 4.6962/7027 from 4.6917/6982. — Bernama

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