Saturday, 24 Oct 2020
MARKET
15/10/2020 07:25 PM

By Azlee Nor Mahmud

KUALA LUMPUR, Oct 15 -- The ringgit closed easier against the US dollar today in line with the slide in crude oil prices as well as risk-off stance by traders, said a dealer.

At 6 pm, the local note was traded at 4.1520/1550 versus the greenback compared with 4.1490/1540 at Wednesday’s closing.

At the time of writing, global benchmark Brent crude decreased 2.35 per cent to US$42.30 per barrel.

OANDA Asia Pacific senior market analyst Jeffrey Halley said oil prices eased after the Organisation of the Petroleum Exporting Countries (OPEC) downgraded its consumption forecast for 2021 again yesterday.

“With a lack of headlines or data to spur excitement, investors are likely to continue to remain on the sidelines and are more likely to book profits and reduce risk than pile up new long positioning,” he told Bernama today. 

Meanwhile, the ringgit was traded mixed against other major currencies.

It rose against the Singapore dollar to 3.0520/0547 from 3.0564/0605 on Wednesday but decreased against the British pound to 5.3851/3907 from 5.3667/3749 yesterday.

The local currency improved against the euro to 4.8620/8672 from 4.8659/8731 yesterday but depreciated versus the yen to 3.9423/9462 from 3.9342/9401 previously.

-- BERNAMA

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