Ringgit extends losses against US dollar at close

KUALA LUMPUR: The ringgit extended its losses to close lower against the US dollar today, mainly dragged down by the falling crude oil prices.
At 6pm, the local note was quoted at 4.2860/2890 against the greenback from Tuesday's close of 4.2820/2850.
A dealer said the declining crude oil prices due to oversupply in global market had affected energy-linked currencies, including the ringgit.
"The ringgit performance is closely tied to crude oil performance as energy industry is currently contributing about 20% to Malaysia's Gross Domestic Product," he said.
Crude oil prices have been dropping by 20% from early this year, with benchmark Brent crude oil futures down 12 US cents to US$45.85 a barrel and US West Texas Intermediate crude oil futures lost seven US cents at US$43.44 on Wednesday.
However, the local note was traded mostly higher against other major currencies.
It rose against the Singapore dollar to 3.0843/0869 from 3.0863/0890 on Tuesday, increased against the British pound to 5.4085/4131 from 5.4373/4424 yesterday and appreciated against the euro to 4.7759/7809 from 4.7779/7825 previously.
The ringgit, however, fell against the yen to 3.8574/8608 from 3.8386/8417 on Tuesday. — Bernama