Ringgit Declines In Early Session On Weaker Oil Price

KUALA LUMPUR, Jan 29 (Bernama) -- The ringgit was lower against the US dollar in early session Tuesday as buying sentiment for the local note was hampered by a weaker global oil price. At 9.10 am, the ringgit stood at 4.1120/1170 compared to yesterday’s close of 4.1080/1120. A dealer said global oil price continued to be weaker as concerns over a global economic slowdown. “Another reason is the traders were cautious over a slowing economy and the US-China trade dispute,” he said. At the time of writing, benchmark Brent crude was at US$59.77 per barrel. Meanwhile, the local note traded lower against other major currencies. It slipped against the Singapore dollar from 3.0367/0411 to 3.0362/0396 on Monday and depreciated versus the euro to 4.6975/7049 from 4.6864/6914 Monday. The local unit eased vis-a-vis the Japanese yen to 3.7652/7708 from 3.7547/7594 and fell against the British pound to 5.4052/4139 from 5.4049/4118, previously. -- BERNAMA