Ringgit ends slightly higher against US dollar

 Publish date: Thu, 8 Aug 2019, 6:59 PM

KUALA LUMPUR: The ringgit ended slightly higher against the US dollar today, buoyed by the improving crude oil prices.
At 6 pm, the ringgit ended at 4.1830/1870 against the greenback from 4.1860/1920 at Wednesday’s close.
VM Markets Pte Ltd managing partner Stephen Innes said oil prices recovered amid the weaker greenback, recovering ground after concerns that a global economic slowdown would curb demand.
“The traders are less committed to adding ringgit risk until there is a definite improvement in trade sentiment. So the local unit continues to be held hostage by the threat of more US tariffs,” he told Bernama.
At press time, benchmark Brent crude futures rose 1.55 per cent to US$57.10 per barrel.
Meanwhile, the People’s Bank of China (PBoC) has set the official midpoint reference for the yuan at below seven per US dollar for the first time since 2008.
“(Even) with the involvement of the PBoC on the yuan, there is little appetite for the local note,” he added.
At the close, the ringgit traded mostly lower against a basket of major currencies.
It fell against the British pound to 5.0865/0922 from yesterday’s close of 5.0814/0903, slipped against the euro to 4.6896/6949 from 4.6820/6892, and went down against the yen to 3.9418/9466 from 3.9387/9454.
However, the ringgit ended slightly higher against the Singapore dollar at 3.0257/0290 from 3.0259/0313.
 - Bernama
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