Malaysian Ringgit Ends Higher Against Greenback

KUALA LUMPUR, May 12 (Bernama) – The Malaysian ringgit closed higher against the US dollar Friday as the greenback retreated against other major currencies amid increasing crude oil prices, a dealer said. At 6 pm, the local note was quoted at 4.3440/3470 against the greenback from 4.3460/3510 on Thursday. A dealer said the political uncertainty in the US, relating to the firing of FBI Director James Comey on Tuesday by President Donald Trump has sent investors in search of safer investments and this resulted in the fall in US equities and the dollar. The greenback was traded below an eight-week high against the yen on Friday and investors are now focusing on the coming US economic data to provide direction for the greenback. Meanwhile, the local currencies were well supported by the increase in crude oil prices today. Oil prices increased following a statement by the oil ministers of Iraq and Algeria who said the Organisation of Petroleum Exporting Countries and their partners in the oil production cut agreements have reached a consensus to extend the deal until the end of 2017. At close, the ringgit was traded mixed against other major currencies. It improved versus the British pound to 5.5859/5902 from 5.6159/6228 on Thursday and was flat against the euro at 4.7232/7269 from 4.7232/7304. The local unit fell against the Singapore dollar to 3.0859/0900 from 3.0849/0893 and slipped against the Japanese yen to 3.8213/8246 from 3.8059/8113 yesterday. -- BERNAMA