Selangor Journal

Ringgit snaps 6-day gains as oil dips

KUALA LUMPUR, Feb 17 — The ringgit turned lower after a six-day winning streak as profit-taking emerged and oil prices dipped.

At 9.42am, the local currency dropped to 4.0420/0460 against the US dollar from yesterday’s close of 4.0280/0320.

At press time, the crude Brent down to US$62.87 and the West Texas Intermediate (WTI) dropped to US$59.66 per barrel.

The overnight Brent hit near its 13-month high on Tuesday, gaining 0.1 per cent to U$63.35 a barrel. It was reported that a deep freeze in the US South shut wells and oil refineries in Texas.

The local currency was traded higher against other major currencies on Wednesday.

It increased against the Singapore dollar to 3.0403/0446 from Tuesday’s close of 3.0432/0467 and went up vis-a-vis the euro to 4.8840/8916 from 4.8948/9009.

The ringgit also appreciated against the yen to 3.8088/8139 from 3.8242/8283 and strengthened against the British pound to 5.6039/6124 from 5.6102/6166 previously.

— Bernama



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