Weak Oil Prices Pushes Ringgit Lower

KUALA LUMPUR, Feb 19 (Bernama) -- The ringgit contracted from Thursday's gain to end the week lower against a basket of major currencies as sentiment in the market was clouded by falling crude oil prices. At 5 pm, the local unit was traded at 4.2030/2100 against the greenback from 4.1670/1730 Thursday. A dealer said the global market took a hit after Saudi Arabia rejected any prospect of a cut to its oil production, causing prices to fall by as much as 3.5 per cent. "Although Malaysia is not a substantial oil exporter, this news fanned worries in the market," the dealer added. Meanwhile, the ringgit closed weaker against the Singapore dollar at 2.9893/9947 from 2.9675/9724 on Thursday, and declined versus the yen to 3.7168/7240 from 3.6646/6715. The ringgit also fell against the euro to 4.6662/6748 from 4.6387/6462 and depreciated vis-a-vis the British pound to 6.0225/2342 from 5.9467/9574. -- BERNAMA