Ringgit rebounds slightly against greenback on higher oil price

KUALA LUMPUR: The ringgit rebounded slightly against the greenback today as the oil price rose to above US$30 per barrel.

As of 6pm, the local note was at 4.3947/4012 compared with 4.4080/4120 yesterday, while benchmark Brent crude was recorded at US$32.65 per barrel, rising by 7.76 per cent from yesterday’s close of about US$28 per barrel.

An analyst said that the gains in oil prices had slightly boosted the demand for ringgit, but added that it would only be a temporary push due to the disruption in oil production in Iran following the COVID-19 pandemic.

To-date, Iran recorded 17,261 confirmed COVID-19 cases, with 1,135 fatalities.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

It rose slightly against the Singapore dollar at 3.0303/0369 from 3.0425/0470 at yesterday’s close and strengthened vis-a-vis the euro to 4.7204/7303 from 4.7759/7822.

It also rose against the Japanese Yen to 3.9811/9898 from 4.0457/0574, but slipped against the British pound to 5.1926/2042 from 5.0848/0923. -Bernama

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