News & Articles Ringgit slips as oil price slides
Ringgit slips as oil price slides
5 Apr 2016
The ringgit opened lower against the US dollar today on waning enthusiasm for the local note following the decline in crude oil prices.
At 9.05am, the ringgit fell to 3.9200/9280 against the greenback from 3.9020/9090 at yesterday’s close.
The US West Texas Intermediate crude futures was down 30 cents at US$35.39 per barrel, while the Brent futures slid 23 cents to US$37.46 a barrel.
A dealer said the ringgit should find a way to reach an area of consolidation and stay steady in the near-term, while the US dollar continued to lose pips on a daily basis.
“The greenback is not likely to regain control by the end of this week as the market is focused on diminishing expectations of a near-term US interest rate hike.”
Against a basket of other currencies, the ringgit also traded lower.
Matched to the Singapore dollar, it fell to 2.8926/9006 from 2.8848/8904 yesterday and declined against the Japanese yen at 3.5315/5400 from 3.4967/5039.
The local note weakened against the British pound to 5.5954/6084 from 5.5381/5496 and depreciated to 4.4676/4783 from 4.4366/4457 versus the euro.
At 9.05am, the ringgit fell to 3.9200/9280 against the greenback from 3.9020/9090 at yesterday’s close.
The US West Texas Intermediate crude futures was down 30 cents at US$35.39 per barrel, while the Brent futures slid 23 cents to US$37.46 a barrel.
A dealer said the ringgit should find a way to reach an area of consolidation and stay steady in the near-term, while the US dollar continued to lose pips on a daily basis.
“The greenback is not likely to regain control by the end of this week as the market is focused on diminishing expectations of a near-term US interest rate hike.”
Against a basket of other currencies, the ringgit also traded lower.
Matched to the Singapore dollar, it fell to 2.8926/9006 from 2.8848/8904 yesterday and declined against the Japanese yen at 3.5315/5400 from 3.4967/5039.
The local note weakened against the British pound to 5.5954/6084 from 5.5381/5496 and depreciated to 4.4676/4783 from 4.4366/4457 versus the euro.
Source: Therakyatpost.com