Ringgit opens unchanged against USD

Dec 1, 2016
At 9.06 am, the local unit stood at 4.4600/4680 to the greenback as was the case on Wednesday.
At 9.06 am, the local unit stood at 4.4600/4680 to the greenback as was the case on Wednesday.

The ringgit opened unchanged against the US dollar this morning, despite crude oil prices surging after the Organisation of Petroleum Exporting Countries (Opec)agreed to reduce output.

At 9.06 am, the local unit stood at 4.4600/4680 to the greenback as was the case on Wednesday.

US crude oil rose more than 9% overnight to US$50.00 per barrel, while Brent crude was above US$51.00 per barrel.

Second Finance Minister Johari Abdul Ghani said yesterday that the depreciation of the ringgit had not led to a material decline in Malaysia’s foreign exchange reserves.

He said the reserves had been fairly stable at around US$97 billion throughout this year.

He confirmed that it had actually increased to US$98.3 billion as at Nov 15 from the US$97.8 billion recorded at end-October.

Meanwhile, the ringgit traded mixed against other major currencies.

It appreciated slightly against the Singapore dollar at 3.1147/1186 from 3.1296/1332 and was higher to the yen at 3.9014/9056 from 3.9466/9533 yesterday.

Against the euro, it was higher at 4.7292/7352 from 4.7479/7535 and fell to the British pound at 5.5894/5966 from 5.5733/5805.

Source: Bernama

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