Saturday, 28 Nov 2020
MARKET
20/11/2020 06:53 PM

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Nov 20 -- The ringgit ended higher against the US dollar today, rebounding from yesterday’s losses on renewed demand and in line with the improvement in crude oil prices, an analyst said.

At 6 pm, the local currency stood at 4.0900/0940 versus the greenback, compared with Thursday’s close of 4.0960/0010.

At the time of writing, benchmark Brent crude increased 0.43 per cent to US$44.39 per barrel.

The analyst said the rising oil prices has boosted market sentiment for the local currency, despite the increasing number of COVID-19 cases.

“Higher global oil price is positive for the ringgit as it will improve Malaysia's oil and gas revenue," she told Bernama.

Ministry of Health reported that the COVID-19 cases stood at 958 cases today, with three deaths.

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

It fell against the Singapore dollar to 3.0434/0479 from Thursday’s close of 3.0417/0466, and decreased against the British pound to 5.4295/4360 from 5.4092/4191 previously.

The local note weakened versus the euro to 4.8495/8559 from 4.8452/8523 and declined vis-a-vis the yen to 3.9399/9445 from 3.9362/9414 yesterday.

-- BERNAMA

 

 


 

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