Ringgit closes lower against US dollar

KUALA LUMPUR: The ringgit weakened further against the US dollar today as negative sentiment among investors remained weak, weighed by the lower oil prices, a dealer said.
At 6pm, the ringgit was quoted at 4.1810/1900 against the greenback from 4.1590/1650 yesterday.
FXTM research analyst Lukman Otunuga said inflated rise in US inventories, which revived concerns over the excessive oversupply in the markets, had influenced the market sentiment.
"Oil sell-off was complimented with anxiety towards Russia not joining the Organisation of the Petroleum Exporting Countries' supply curb, raising questions over the success of the pending meeting in November," he said in a statement.
Global benchmark Brent crude oil was traded 1.62% lower at US$49.98 per barrel, below the US$50 per barrel level, indicating that the oil price might slide further.
The local currency depreciated against the Singapore dollar to 3.0017/0090 from 2.9936/9983 on Wednesday and fell against the British pound to 5.1134/1260 versus 5.0777/0867 previously.
The local unit weakened against the euro to 4.5611/5725 from yesterday's 4.5429/5507, but closed slightly higher against the yen at 3.9922/9011 from Wednesday's 3.9929/9990. — Bernama