KUALA LUMPUR, April 14 — The ringgit edged slightly higher against the US dollar in the early session today as market sentiment on the local note was lifted after the Organisation of the Petroleum Exporting Countries + (OPEC+) agreed to cut production by about 10 million barrels per day in May and June.
At 9 am, the ringgit was quoted at 4.3150/3250 against the US dollar from 4.3200/3280 at the close yesterday.
A dealer said the OPEC+ deal has provided some support to oil prices from further downside, subsequently supporting the stability of ringgit.
“Higher global oil price is positive for Malaysia’s oil and gas revenue,” he added.
Brent Crude oil was trading 1.54 per cent higher at US$32.16 per barrel while WTI Crude rose 1.47 per cent to US$22.74 per barrel.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
It rose vis-a-vis the Singapore dollar to 3.0486/0568 from 3.0513/0582 and strengthened against the euro to 4.7128/7246 from 4.7252/7344.
It weakened against the yen at 4.0099/0195 from 4.0011/0096 and was lower against the British pound at 5.4054/4197 from 5.4026/4139
— Bernama
