Ringgit closes marginally lower against US dollar

KUALA LUMPUR: The ringgit closed marginally lower against the US dollar today on subdued demand despite the jump in crude oil prices, a dealer said.
At 6pm, the local unit was quoted at 4.0770/0800 against the US dollar from 4.0750/0780 on Monday.
Global benchmark Brent crude soared 0.96% to US$65.31 per barrel, the highest level since mid-2015, after a major crack in United Kingdom's Forties oil pipeline system was discovered.
OANDA Head of Trading Asia-Pacific, Stephen Innes, told Bernama, however, over the medium term, Asia's surging economies could well outpace the benefits the greenback will receive from rate hikes, and the local currencies should continue to benefit from equity inflows.
"I still maintain that the ringgit will be the favoured Asean currency going into 2018, in view of Bank Negara Malaysia's rate normalisation, a strong domestic economy, with Malaysia being the direct beneficiary of the One Belt, One Road initiative, and the projected higher oil prices," said Innes.
Against a basket of major currencies, the ringgit was traded mostly higher except against the Singapore dollar.
The local note weakened against the Singapore dollar to 3.0171/0207 from 3.0163/0192 on Monday but advanced against the yen to 3.5933/5963 from 3.5941/5974 previously.
The ringgit appreciated against the euro to 4.8035/8083 from 4.8069/8116 yesterday and was traded higher against the pound at 5.4391/4456 from 5.4487/4535 previously. — Bernama