KUALA LUMPUR, June 24 — The ringgit extended yesterday’s gains to end the week higher against the US dollar today on better demand for the local currency, boosted by steady oil prices, said an analyst.
At 6 pm, the local unit rose against the greenback to 4.4010/4045 from Thursday’s close of 4.4045/4075.
The analyst said the ringgit’s positive performance was supported by firmer oil prices on the back of high summer fuel demand, while supplies remained tight because of sanctions on Russian oil after its invasion of Ukraine.
At the press time, benchmark Brent crude oil traded at US$111.3 per barrel, rising 1.14 per cent.
However, the local currency was traded lower against a basket of major currencies.
The ringgit depreciated against the British pound to 5.4128/4171 from Thursday’s close of 5.3722/3758 and weakened versus the Singapore dollar to 3.1710/1740 from 3.1682/1706 previously.
It fell against the euro to 4.6444/6481 from 4.6318/6349 and slipped vis-a-vis the Japanese yen to 3.2590/2621 from 3.2534/2559 yesterday.
— Bernama
