Last updated Saturday, December 03, 2016 5:33 pm GMT+8

Tuesday November 29, 2016
08:11 PM GMT+8

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KUALA LUMPUR, Nov 29 — The ringgit closed lower against the US dollar today in line with the decline in crude oil prices, a dealer said.

At 6pm, the ringgit was traded at 4.4640/4680 against the US dollar from 4.4600/4650 yesterday.

The international benchmark Brent crude oil fell 1.66 per cent to US$47.44 (RM211) per barrel, while the West Texas Intermediate shed 1.78 per cent to US$46.24 per barrel. 

FXTM Chief Market Strategist, Hussein Sayed, said Iran and Iraq remained to be the major obstacles to any meaningful production cut, while Saudi Arabia's energy minister commented on Sunday that the market would balance itself in 2017 even if producers did not intervene, bringing more pessimism and doubts than hopefulness over the long-term outlook.

"Traders should be prepared for a volatile session ahead with many headlines to hit the wires in the next 24 hours and this volatility will spread beyond oil to equities and fixed income markets," he told Bernama.

Meanwhile, profit-taking and mild declines in US treasury yields pulled back the US dollar slightly from its 13-year highs, he said.

"However, any declines in the US dollar are likely to be minor especially against the euro and pound given that many political tensions are likely to hit the Euro area in the next couple of weeks," he said.

The ringgit was traded mostly higher against other major currencies.

It rose against the Singapore dollar to 3.1258/1295 from 3.1265/1320 yesterday and increased against the yen to 3.9634/9680 from 3.9747/9802 previously.

The local note edged up against the euro at 4.7301/7356 from 4.7463/7521 yesterday, but eased against the British pound to 5.5653/5720 from 5.5482/5549 previously. — Bernama

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