KUALA LUMPUR, June 1 — The ringgit was slightly higher against the US dollar in the early session today on mild demand for the local note, as global oil price increase helped to lift market sentiment towards the ringgit.
At 9.10 am today, the local note was quoted at 4.3400/3480 against the greenback compared with Friday’s 4.3450/3500.
A dealer said July Brent crude closed trading on Friday four cents higher at US$35.33 a barrel while West Texas Intermediate crude futures for July delivery rose US$1.78 to US$35.49 a barrel.
“Higher oil price is positive for Malaysia’s oil and gas revenue. However, gains are capped due to lingering fears or presumption that another wave of global economic weakness may be around the corner,” he added.
Meanwhile, the ringgit was traded mostly higher against a basket of benchmark currencies, except against the British pound, where it declined to 5.3725/3828 from 5.3435/3514.
The local note rose against the Singapore dollar to 3.0765/0839 from 3.0768/0810, gained against the Japanese yen to 4.0271/0353 from 4.0528/0586 and was higher against the euro at 4.8239/8345 from 4.8369/8433 recorded last Friday.
— Bernama
