The ringgit has outperformed other South-East Asian currencies year-to-date.
PETALING JAYA: The ringgit finished stronger against the US dollar yesterday, supported by rising oil prices which benefitted Malaysia as an oil exporter.
At 6pm, the ringgit rose to 4.4670/4715 versus the greenback from 4.4845/4900 at Tuesday’s close. The ringgit has outperformed other South-East Asian currencies year-to-date by posting nearly a 2.8% gain against the US dollar.
As of yesterday, Brent crude had surpassed US$74 per barrel, while West Texas Intermediate was trading above US$70 per barrel, driven by expectations of increased demand from China, as well as a 3.2 million barrel decline in US crude inventories last week.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan told Bernama that expectations of a global economic rebound are likely to drive higher oil demand, thereby supporting the ringgit.
