KUALA LUMPUR – The ringgit ended higher on Tuesday along with other emerging currencies, tracking the movement of oil prices.
At 6pm, the local currency stood at 4.1540/1580 versus the US dollar compared with 4.1550/1600 at yesterday's close.
Global benchmark Brent crude oil rose 3.39% to US$40.29 (RM167.45) per barrel, while WTI crude gained 3.72% to US$38.18 per barrel.
Axi chief global market strategist Stephen Innes said oil prices were rising on the possibility of Russia agreeing to extend the current production quota; hence currencies of emerging markets with a significant oil export were trading more favourably.
However, the ringgit weakened against other major currencies.
It fell against the Singapore dollar to 3.0517/0558 from 3.0413/0461 yesterday and declined against the British pound to 5.3965/3021 from 5.3629/3701.
The ringgit also weakened against the euro to 4.8585/8636 from 4.8360/8435 and was lower vis-a-vis the yen at 3.9668/9713 from 3.9639/9698 previously. – Bernama, November 3, 2020
