Ringgit closes easier against US dollar on weak oil prices

KUALA LUMPUR: The ringgit weakened further against the US dollar today due to jitters over depressed oil prices and investors adopting a defensive stance.
At 6pm, the local note was quoted at 4.2960/2990 against the greenback from Friday's close of 4.2865/2895.
The local currency continued its weak performance despite the fact that the greenback was under intense selling pressure ahead of an address by Federal Reserve Chair Janet Yellen.
FXTM Research Analyst Lukman Otunuga said Janet Yellen was expected to reiterate her hawkish rhetoric and optimism over the US economy.
"With dollar bullish investors lacking the inspiration to support the greenback, amid soft economic data, they will be waiting to see if Yellen repeats herself in saying that low inflation remains "transitory" while offering further clues on rate hike timings this year," he said in a statement.
Oil was traded below US$47 a barrel on Wednesday after a report said US inventories were increasing.
Brent crude was trading at $46.50 a barrel.
At the close, the ringgit was traded mostly lower against other major currencies, except the yen.
It eased against the Singapore dollar to 3.0996/0020 from 3.0912/0944 on Friday, fell against the British pound to 5.5053/5109 from 5.4537/4584  and depreciated against the euro to 4.8798/8845 from 4.7880/7918 on Friday.
The local note, however, advanced against the yen to 3.8289//8333 from 3.8541/8578 on Friday.
The market was closed on Monday and Tuesday for the Hari Raya Aidilfitri celebration. — Bernama