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KUALA LUMPUR: The ringgit continued to add to Wednesday’s gains to open slightly firmer against the US dollar on Thursday amid improving crude prices.
At 9:01 am, the local note was trading at 4.0710 / 0760 versus the dollar from 4.0750 / 0780 at the close of Wednesday.
At the time of writing, benchmark Brent crude was trading at $ 48.25 per barrel, an increase of 1.75 percent from the previous trading session.
Commenting on the ringgit’s performance, Axi’s chief global market strategist Stephen Innes said there has been little action in the ringgit since the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC +) pressed the postponement button on Sunday as the local unit was still tied. to the movement of the crude markets.
“But as we heard from OPEC + later today, I think long-term positioning for an eventual rebound in the oil market should be the way to play the ringgit,” he told Bernama.
On Tuesday, it was reported that OPEC +, which includes Russia and other oil-producing countries, had postponed talks on crude oil production policy for 2021 until December 3, as key players were not yet on the table. agreement on how much oil they should pump amid weak demand due to the COVID-19 pandemic.
At the opening bell, the ringgit traded slightly when compared to other major currencies.
It was marginally down against the Singapore dollar to 3.0399 / 0447 from 3.0395 / 0428 at Wednesday’s close, slightly easier against the yen at 3.8953 / 9012 from 3.8921 / 8953, and weakened against the euro at 4.9271 / 9348 from 4.9116 / 9156 previously.
However, the local note moved slightly higher against the pound at 5.4372 / 4443 from 5.4377 / 4421 yesterday. – Bernama
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