Malaysian Ringgit Higher Against US Dollar In Early Trade

KUALA LUMPUR, Dec 12 (Bernama) – The Malaysian ringgit was higher against the US dollar Wednesday morning as gains in global oil prices lifted buying sentiment towards the local note. At 9.14 am, the local note stood at 4.1790/1840 against the US dollar from 4.1830/1860 at Tuesday’s close. A dealer said global oil prices recovered some ground as market players expect the supply cut led by the Organisation of the Petroleum Exporting Countries for next year would help stabilise markets. “Higher oil prices are viewed as positive for Malaysia’s oil and gas revenue,” he added. US West Texas Intermediate (WTI) crude futures increased one per cent to US$52.15 per barrel. Meanwhile, the ringgit also traded higher against other major currencies. It rose against the Singapore dollar to 3.0444/0485 from 3.0473/0506 yesterday and was higher against the yen at 3.6832/6886 from 3.7008/7038. It improved against the pound to 5.2238/2317 from 5.2773/2827 and appreciated against the euro at 4.7344/7413 from 4.7603/7653. -- BERNAMA