Ringgit opens decrease on falling oil costs

KUALA LUMPUR: The ringgit traded decrease towards the US greenback within the early buying and selling session in the present day on lack of demand on account of falling crude oil costs, coupled with China’s weaker Buying Managers’ Index (PMI), stated an analyst.

At 9.00 am, the native foreign money was buying and selling at 4.2130/2160 versus the buck from 4.2110/2135 at Friday’s shut.

At press time, Brent crude oil stood at US$103.81 per barrel, a lower of 0.57 per cent, whereas the US West Texas Intermediate (WTI) crude futures fell 0.70 per cent to US$98.59 per barrel.

International managing accomplice at SPI Asset Administration Stephen Innes stated the ringgit is a contact weaker on the poor China’s PMI, which fell to 48.1 in March, indicating the steepest charge of contraction since February 2020 from 50.4 within the earlier month.

“Nonetheless, the native unit struggles amid uncertainties in key buying and selling companions, such because the European economies and China, bringing draw back dangers to export development,” he instructed Bernama in the present day.

In the meantime, one other analyst stated oil costs proceed its downtrend because the United Arab Emirates welcomes a two-month truce on the Saudi-Yemeni border.

Innes stated market gamers have been additionally involved about international provides for the reason that Russian invasion of Ukraine in February.

On the opening, the ringgit was traded principally larger towards a basket of main currencies, apart from the Japanese yen.

The native unit rose towards the Singapore greenback to three.1056/1080 from 3.1061/1082 at Friday’s shut and appreciated towards British pound to five.5241/5280 from 5.5286/5319.

It improved vis-a-vis the euro to 4.6545/6578 from 4.6557/6584 on Friday however depreciated towards yen to three.4420/4447 from 3.4376/4399. – Bernama


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