KUALA LUMPUR, Oct 16 — The ringgit strengthened against the greenback in early trade today on better demand, amid unfavourable economic data from the United States.
At 9.02 am, the local unit stood at 4.1510/1540 against the US dollar from the 4.1540/1580 recorded yesterday.
A dealer said demand for the ringgit was boosted as the US dollar fell, following the weaker-than-expected US retail sales for September.
“Furthermore, higher global oil prices also helped lift sentiment towards the ringgit,” he added.
The international benchmark Brent crude for December delivery rose nine cents to US$80.87 per barrel, while the US West Texas Intermediate crude for November delivery was up five cents at US$71.83 a barrel.
Meanwhile, the ringgit traded mostly higher against other major currencies, except the Singapore dollar, in easing to 3.0180/0213 from 3.0171/0205 at yesterday’s close.
The local note rose against the yen to 3.7099/7129 from 3.7176/7225, improved versus the euro to 4.8102/8141 from 4.8132/8187 and appreciated against the British pound to 5.4611/4654 from 5.4617/4690. — Bernama
Source: The Malay Mail Online