Ringgit Extends Gains Against Greenback

KUALA LUMPUR, May 15 (Bernama) – The ringgit extended its gains for the second consecutive day against the US dollar today on renewed demand for the local note. At 6 pm, the ringgit was quoted at 4.3250/3300 against the greenback from 4.3440/3470 at 6 pm on Friday. A dealer said stronger oil prices, which jumped on extension of oil curb agreement, bolstered the local note. Saudi Arabia and Russia, the world's two top oil producers, today announced an agreement to extend oil output cuts for another nine months until March 2018 to overcome the global glut. Benchmark Brent crude and US West Texas Intermediate (WTI) crude both soared 2.1 per cent in late Asia trade to US$51.88 per barrel and US$48.85 per barrel, respectively. Meanwhile, the ringgit was traded mostly lower against other major currencies. It strengthened versus the Japanese yen to 3.8126/8173 from 3.8213/8246 on Friday. However, the local unit depreciated against the Singapore dollar to 3.0913/0953 from Friday's 3.0859/0900, edged down against the British pound to 5.5901/5983 from 5.5859/5902, and lower vis-a-vis the euro to 4.7372/7439 from 4.7232/7269, previously. -- BERNAMA