Malay Mail Online

Money

Ringgit ends higher on rising oil prices

KUALA LUMPUR, Nov 10 — The ringgit continued its upward momentum to finish higher against the US dollar, prompted by rising crude oil prices coupled by renewed optimism that the Malaysian economy was strengthening as indicated by Bank Negara Malaysia.

Yesterday, the central bank left the overnight policy rate (OPR) unchanged at its eighth consecutive meeting. 

‘‘This generated optimism among foreign exchange market participants,” said dealers.

And, the renewed support for the local unit was obvious when it rose 150 basis points to 4.1900/1930 against the greenback from Thursday’s 4.2050/2080.

The ringgit was traded mostly higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0804/0835 from 3.0878/0905 on Thursday and appreciated versus the yen to 3.6952/6988 from 3.7058/7088 yesterday. 

Against the British pound, the ringgit decreased to 5.5099/5155 from 5.5060/5112 yesterday and depreciated versus the euro to 4.8855/8899 from 4.8782/8830 on Thursday. — Bernama