Ringgit Slightly Higher Against US Dollar In Early Trade

KUALA LUMPUR, Nov 19 (Bernama) -- The ringgit was slightly higher against the US dollar Monday morning as demand for the local note improved on the back of stronger global oil prices. At 9.00 am, the ringgit stood at 4.1850/1900 versus the US dollar from 4.1900/1940 recorded at 6 pm on Friday. At 9.18 am, benchmark Brent crude was recorded at US$67.19 per barrel. OANDA Head of Trading Asia-Pacific Stephen Innes said the latest US interest rate increase and the price of oil rallying to its highest level since 2014 is helping buttress currency sentiment. “However, the APEC meeting over the weekend reinforced the great divide between the US and China policy, suggesting a resolution on the trade war front is not happening anytime soon. “A US holiday-shortened week and with the year-end coming into focus, my feeling is that regional currencies including the local note will trade very much to the beat of the broader greenback for the next few weeks,” he told Bernama. Meanwhile, the ringgit traded lower against other major currencies. It dipped against the Singapore dollar to 3.0465/0513 from 3.0428/0462 on Friday’s closing and depreciated against the euro to 4.7751/7812 from 4.7506/7568. The ringgit slid against the British pound to 5.3719/3787 from 5.3603/3671 and declined against the Japanese yen to 3.7137/7188 from 3.6946/6991. -- BERNAMA