Ringgit Ends Slightly Lower Against US Dollar

KUALA LUMPUR, Aug 15 (Bernama) -- The ringgit closed slightly lower against the US dollar Tuesday in line with the decline in crude oil prices, a dealer said. At 6 pm, it was quoted at 4.2940/2980 against the greenback from Monday's 4.2920/2950. The international benchmark Brent crude oil fell 0.37 per cent to US$50.54 per barrel while the West Texas Intermediate shed 0.38 per cent to US$47.41 per barrel. The drop in oil prices came after the US dollar strengthened and concerns were raised over lower demand in China, which is the second-biggest oil user in the world, and worries on growing supply glut. The dealer said Chinese oil refineries operated at their lowest daily rates in nearly a year in July. Meanwhile, the ringgit ended higher against other major currencies. It rose against the Singapore dollar to 3.1435/1476 from 3.1517/1551 on Monday and appreciated versus the yen to 3.8898/8938 from 3.9121/9152. The local unit also increased versus the euro to 5.0450/0506 from 5.0633/0681 and strengthened against the British pound to 5.5388/5444 from 5.5689/5745 Monday. -- BERNAMA