KUALA LUMPUR, SEP 15: The Ringgit remained low this morning as oil prices drop and low expectations that US interest rates will increase.
At 9 am, the ringgit was quoted at 4.1245/1285 compared to the US Dollar, according to BERNAMA.
Global oil prices dropped nearly to the lowest levels for two weeks due to worries that demand for crude will slow this year.
The West Texas Intermediate Futures Trading for October delivery at the New York Mercantile Exchange closed at USD43.58 a barrel, down USD1.32 or 2.94%.
Compared to major currencies, the Ringgit was traded lower. It dropped compared to the Singapore Dollar at 3.0225/0276 from 3.0173/0218 and was weaker against the Yen to 4.0278/0321 from 4.0103/0164.
The local currency dropped compared to the British Pound to 5.4683/4740 from yesterday’s close at 5.4430/4521 while dropping against the Euro to 4.6368/6429 from 4.6246/6318.
