Ringgit finishes marginally higher against US Dollar

KUALA LUMPUR: The ringgit finished marginally higher against the softening US dollar today, fuelled by firm crude oil prices due to the supply disruption in Texas, Colombia and Libya.
At 6pm, the local unit was quoted at 4.2655/2685 against the greenback from Monday's close of 4.2660/2690.
A dealer said firmer crude oil prices lent support to the local currency as Malaysia, being a net exporter of crude oil and petroleum products, was heavily reliant on the price movement of this commodity.
Benchmark Brent and US West Texas Intermediate crude oil futures went up 0.6% each to US$52.18 (RM222.63) and US$46.87 a barrel, respectively, in early trading session on Tuesday.
"Besides, the US dollar also lost ground against a basket of major currencies, amid rising tension in North Korea and in the aftermath of the damage caused by Hurricane Harvey in Texas.
"The negative sentiment reduced investors' risk appetite," he said.
However, the ringgit ended lower against other major currencies.
It eased against the Singapore dollar to 3.1543/1576 from 3.1474/1510 on Monday and weakened versus the yen to 3.9281/9319 from 3.9052/9090, previously.
The local note fell against the euro to 5.1344/1397 from Monday's close of 5.0902/0951 and vis-a-vis the pound, it decreased to 5.5315/5358 from 5.5019/5066 yesterday. — Bernama