Ringgit Ends Higher Against US Dollar

By Nurunnasihah Ahmad Rashid KUALA LUMPUR, Nov 20 (Bernama) -- The ringgit ended higher against the US dollar on Friday, rebounding from yesterday’s losses on renewed demand and in line with the improvement in crude oil prices, an analyst said. At 6 pm, the local currency stood at 4.0900/0940 versus the greenback, compared with Thursday’s close of 4.0960/0010. At the time of writing, benchmark Brent crude increased 0.43 per cent to US$44.39 per barrel. The analyst said the rising oil prices has boosted market sentiment for the local currency, despite the increasing number of COVID-19 cases. “Higher global oil price is positive for the ringgit as it will improve Malaysia's oil and gas revenue," she told Bernama. The Health Ministry reported that the COVID-19 cases stood at 958 cases today, with three deaths. Meanwhile, the ringgit was traded lower against other major currencies. It fell against the Singapore dollar to 3.0434/0479 from Thursday’s close of 3.0417/0466, and decreased against the British pound to 5.4295/4360 from 5.4092/4191 previously. The local note weakened versus the euro to 4.8495/8559 from 4.8452/8523 and declined vis-a-vis the yen to 3.9399/9445 from 3.9362/9414 yesterday. -- BERNAMA