Ringgit closes higher against US dollar

18 May 2021 / 19:04 H.

KUALA LUMPUR: The ringgit closed firmer against the US dollar today due to the weakening of the greenback and better oil prices.

At 6 pm, the local currency was traded at 4.1250/1280 against the greenback from Monday’s close of 4.1290/1325.

At press time, benchmark Brent crude rose 0.82 per cent to US$70.03 per barrel.

SPI Asset Management global managing partner Stephen Innes said the expectation on the resumption of economic activities in the European Union also supported prices of commodities such as copper which increased 1.5 per cent overnight.

“Typically, this would be a healthy environment for ringgit sentiment, but the latest Movement Control Order (MCO) orders continue to thwart any overtly bullish ambitions,” he told Bernama.

Meanwhile, the local note was traded lower against other major currencies.

The ringgit eased marginally against the Singapore dollar at 3.1010/1038 from Monday’s close of 3.0915/0953, and weakened against the yen at 3.7868/7903 from 3.7808/7847.

The local unit also eased vis-a-vis the British pound to 5.8583/8646 from 5.8223/8289 yesterday and fell against the euro to 5.0391/0444 from 5.0184/0235. — Bernama

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