Ringgit Ends Higher Vs Us Dollar Amid Opec Oil Cut Pact

KUALA LUMPUR, Sept 29 (Bernama) -- The ringgit snapped a three-day losing streak to end higher against the US dollar Thursday following the Organisation of the Petroleum Exporting Countries' (OPEC) oil curb agreement. At 6 pm, the ringgit was quoted at 4.1220/1270 against the greenback from 4.1360/1410 Wednesday. A dealer said crude oil rallied after OPEC members agreed to curb output in a surprise deal at the meeting in Algeria. "That was OPEC's first output cut deal in eight years. Oil prices definitely surged as well as the ringgit which is perceived as a commodity currency. "The ringgit hit 4.1080 (versus the US dollar) in intra-day trade but gave back some gains as oil prices retreated amid scepticism over the OPEC deal leading to profit-taking," he added. Global benchmark Brent crude oil hit a three-week high of US$49.09 in early Asian trading Thursday but ended 60 cents lower at US$48.09 per barrel as the market was not fully convinced and questioned the output cut details, he added. At 6 pm, the ringgit also traded higher against other major currencies. It appreciated against the Singapore dollar to 3.0227/0274 from 3.0380/0422 Wednesday and strengthened versus the yen to 4.0647/0708 from 4.1081/1143. The local unit rose vis-a-vis the British pound to 5.3574/3647 from Wednesday's 5.3747/3821 and advanced against the euro to 4.6228/6288 from 4.6389/6454. -- BERNAMA