Malaysian Ringgit Ends Higher Against US Dollar

KUALA LUMPUR, March 7 (Bernama) -- The Malaysian ringgit closed higher against the US dollar Thursday on better demand amid rising global crude oil prices, as well as, tapering request for the greenback in the midst of a US trade deficit, dealers said. At 6pm, the local currency was quoted at 4.0860/0900 against the US dollar compared with Wednesday’s close of 4.0870/0910. OANDA senior market analyst Jeffrey Halley said things were not going according to US President Donald Trump’s tariff plan as the 2018 trade data showed that the deficit had reached a 10-year high. Benchmark Brent crude oil was 1.05 per cent higher at US$66.68 per barrel while US West Texas Intermediate (WTI) crude oil rose 0.73 per cent to US$56.63 per barrel. Meanwhile, the ringgit was traded lower against other major currencies. It declined against the Japanese yen to 3.6574/6619 from 3.6530/6579 on Wednesday and depreciated against the Singapore dollar to 3.0108/0140 from 3.0098/0139. The local unit eased against the euro to 4.6209/6258 from 4.6187/6236 and decreased versus the British pound to 5.3784/3853 from 5.3724/3793 yesterday. -- BERNAMA