Ringgit Ends Higher Against US Dollar

KUALA LUMPUR, Feb 21 (Bernama) -- The ringgit ended higher against the US dollar Tuesday as demand shifted towards the local note on better market sentiment following higher global oil prices. At 6 pm, the local unit was traded at 4.4555/4595 against the US dollar versus 4.4560/4600 Monday. A dealer said sentiment for the local currency was lifted after global oil price increased due to reports of declining supply following the Organisation of the Petroleum Exporting Countries' production cuts. "Higher global oil price is positive for the ringgit as it will improve Malaysia's oil and gas revenue," he added. As at 5.30 pm, international benchmark Brent crude futures rose 50 cents to US$56.58 a barrel. Meanwhile, the local note was also traded higher against other major currencies. It rose against the Singapore dollar to 3.1317/1352 from 3.1411/1444 Monday and versus the yen, it increased to 3.9166/9211 from 3.9385/9431 on Monday. Vis-a-vis the euro, the ringgit appreciated to 4.6965/7017 from 4.7332/7379 on Monday and improved against the British to 5.5368/5445 from 5.5522/5589 previously. -- BERNAMA