Ringgit closes marginally higher against greenback

KUALA LUMPUR: The ringgit closed marginally higher against the US dollar today as the improved oil prices bolstered buying interests for the local note, said a dealer.
At 6pm, the ringgit was quoted at 3.8880/8910 from 3.8885/8925 on Tuesday.
The benchmark Brent crude was trading 0.7 per cent higher at US$72.08 per barrel.
OANDA Head of Trading in Asia-Pacific, Stephen Innes, said the ringgit, along with some other Asian currencies, were traded within a tight range today, as it was caught between the firmer US economy which recorded a higher industrial production in March and the weaker China's renminbi due to trade war with the US and the cutting of 100 basis points in the reserve requirement ratio by the People's Bank of China effective April 25.
"In general, the lack of bond market activity is filtering through to the local currency markets, and the ringgit put in another uninspiring session trading sideways throughout most of the day," he told Bernama.
The ringgit closed mostly higher against a basket of major currencies except the yen.
It rose against the Singapore dollar to 2.9648/9677 from 2.9690/9725 on Tuesday. It depreciated against the yen to 3.6242/6273 from 3.6317/6365.
The ringgit improved against the British pound to 5.5151/5209 from 5.5676/5752 yesterday and vis-a-vis the euro, it advanced to 4.8067/8112 from 4.8101/8166 on Tuesday. — Bernama