KUALA LUMPUR – The ringgit closed easier against the US dollar today in line with the reduction in crude oil prices, said a dealer.
At 6pm, the local note was traded at 4.1490/1540 versus the greenback compared with 4.1400/1440 at Tuesday’s closing.
At the time of writing, Brent crude decreased 0.21% to US$42.36 per barrel (RM176).
Oanda Asia Pacific senior market analyst, Jeffrey Halley, said oil prices eased after Opec downgraded its consumption forecasts again for 2021.
“In the morning, both Brent and West Texas Intermediate contracts were slightly lower by 0.2%, but by and large, they have weathered this negative headline very well.
“That implies that oil prices seem to have found a temporary equilibrium around these levels,” he told Bernama today.
Meanwhile, the ringgit was traded mixed against other major currencies.
It eased against the Singapore dollar to 3.0564/0605 from 3.0477/0518 on Tuesday, but increased against the British pound to 5.3667/3749 from 5.4023/4092 previously.
The local currency improved against the euro to 4.8659/8731 from 4.8798/8854 on Tuesday, but depreciated versus the yen to 3.9342/9401 from 3.9238/9287 previously. – Bernama, October 14, 2020
