A customer counts her ringgit notes outside a money changer at the central business district in Singapore in this August 25, 2015 file photo. Malaysia's ringgit jumped more than 5 percent to a five-week high on October 7, 2015 on stop-loss dollar selling and higher local stocks. The ringgit, the worst performing Asian currency so far this year, surged as much as 5.2 percent to 4.1600 per dollar, its strongest since Sept 1. REUTERS/Edgar Su/Files

Malaysia: Lower crude oil price weighs on ringgit

  • Nov 06, 2019

KUALA LUMPUR: The ringgit slipped at the opening today on lack of demand for the local currency amid the lower crude oil price, said a dealer.

At 9.10am, the ringgit was quoted at 4.1320/1350 against the greenback from 4.1290/1320 recorded yesterday.

The crude oil price is currently trading at US$62.75 per barrel, down by 0.33 per cent.

The dealer said the firmer US dollar was moved by the US consideration to remove some tariffs it imposed on Chinese goods as a concession into securing phase one trade deal with China.

President Donald Trump is expected to sign the interim trade deal this month.

Against a basket of other currencies, the ringgit traded higher.

It rose versus the Japanese yen to 3.7894/7929 from 3.7929/7960 on Tuesday’s close and was marginally higher against the Singapore dollar at 3.0400/0434 from 3.0443/0476.

The local note increased against the British pound to 5.3220/3263 from 5.3248/3290 and strengthened to 4.5741/5779 from 4.5952/5989 vis-a-vis the euro. – Bernama

Source: https://www.thestar.com.my/business/business-news/2019/11/06/lower-crude-oil-price-weighs-on-ringgit#mcxJ8QQJexfl0HeQ.99