KUALA LUMPUR, Jan 7 — The ringgit ended the first trading week of 2022 on a firmer note against the US dollar driven by buying interest for the local currency on steadier crude oil prices, said an analyst.
At 6pm, the ringgit was trading at 4.2070/2080 against the greenback from 4.2130/2150 at Thursday’s close.
The analyst said the continued ascent of oil prices provides an essential reassurance source for the Malaysian market and the ringgit.
At the time of writing, Brent crude gained 0.99 per cent to trade at US$82.80 per barrel.
"Oil prices, which lent support to the ringgit, rising amid lower production from the Organisation of the Petroleum Exporting Countries (OPEC), adding just 90,000 barrels a day in a survey for December.
"Besides, investors are also concerned about the limited production following a state of emergency in Kazakhstan, a major oil producer, following protests on the increase of fuel prices," he said.
Back home, the local currency traded mixed against a basket of other major currencies.
It depreciated versus the Singapore dollar to 3.0958/0981 from Thursday’s close of 3.0948/0965 but increased against the Japanese yen to 3.6320/6336 from 3.6390/6415.
The local currency eased vis-a-vis the British pound to 5.6999/7037 from 5.6867/6903 yesterday but appreciated against the euro to 4.7602/7640 from 4.7620/7646.
— Bernama
