Ringgit falls to 4.27 against US dollar

The ringgit closed lower against the US dollar today in thin trading, on concerns over the sustained global oil glut, a dealer said.

At 5pm, the ringgit was quoted at 4.2700/2750 against the greenback from yesterday’s close of 4.2550/2600.

The dealer said softer crude oil prices will keep the currencies of oil-producing nations under pressure.

“Concerns over the crude oil oversupply remains. The recent decline in the West Texas Intermediate crude to a seven-year low has dampened the risk appetite of investors,” he added.

Another dealer said traders felt safer holding on to the greenback as the possibility of a US interest rate hike looms.

The ringgit also traded lower against other major currencies at closing today.

The local note declined against the British pound to 6.4221/4322 from yesterday’s close of 6.3944/4032, and eased against the euro to 4.6620/6692 from 4.6222/6285.

It weakened against the Singapore dollar to 3.0359/0397 from 3.0199/0239 and was lower against the yen at 3.4775/4824 from 3.4574/4623.

- Bernama