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KUALA LUMPUR The ringgit extended yesterday’s losses to end lower against the US dollar today, driven by continued profit-taking after recent gains despite the bullish outlook on global oil prices, dealers said.At the close, the local currency fell to ...

Ringgit extends losses to end lower against US dollar

KUALA LUMPUR The ringgit extended yesterday’s losses to end lower against the US dollar today, driven by continued profit-taking after recent gains despite the bullish outlook on global oil prices, dealers said.

At the close, the local currency fell to 4.0400/0440 against the US dollar from yesterday’s close of 4.0370/0420.

A dealer said oil prices rose on Thursday, extending this week’s gains and hitting a 13-month high as a cold snap sweeping over Texas and the surrounding region shut at least a fifth of the US refining outputs and a million barrels of crude production.

However, he said investors remained cautious amid lingering COVID-19 pandemic concerns that weighed on positive US economic data.

The local currency was traded lower against other major currencies today.

It fell against the Singapore dollar to 3.0433/0472 from Wednesday’s 3.0388/0432 and went down vis-a-vis the euro to 4.8771/8783 from 4.8710/8783 yesterday.

The ringgit also depreciated against the yen to 3.8218/8263 per 100 yen from 3.8092/8154 on Wednesday and the British pound to 5.6249/6321 from 5.6046/6131 previously.

Source: BERNAMA News Agency

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