KUALA LUMPUR, Jan 11 ― The ringgit closed marginally higher against the US dollar today on stronger buying interest following newly-released data which showed better industrial output in November last year, a dealer said.
At 6pm, the ringgit was quoted at 4.0940/0980 against the greenback from the 4.0950/1000 recorded yesterday.
The dealer said Malaysia’s Industrial Production Index, which edged up 2.5 per cent in November 2018 from a year earlier due to an increase in manufacturing and electricity indices, had brought positive sentiment towards the local note.
“The better crude oil prices, with the benchmark Brent crude oil price rising to US$62.33 per barrel today, has also helped elevate demand for the ringgit, as Malaysia is a net oil and gas exporter,” he said.
Meanwhile, the ringgit was traded mostly higher against other major currencies except for the Singapore dollar.
The local unit depreciated versus the Singapore dollar to 3.0297/0338 from 3.0286/0334 yesterday.
However, the ringgit rose against the British pound to 5.2203/2270 from 5.2256/2337, strengthen against the Japanese yen to 3.7785/7832 from 3.7882/7931 and increased against the euro at 4.7155/7217 from 4.7191/7253. ― Bernama
Source: The Malay Mail Online