KUALA LUMPUR, June 21 — The ringgit continued its uptrend against the US dollar at the close for the fifth straight trading day today, supported by buying demand and the continued rally in crude oil prices, said an analyst.
At 6pm, the local currency marginally rose against the greenback to 4.3945/3980 from Monday’s close of 4.3985/4015.
The analyst said oil prices continued their upward momentum, with Brent crude soaring above US$115 per barrel following the high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine.
However, he said growing fears of a recession would also make market participants defensive, leading to a higher demand for safe-haven currencies.
Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.
The local note depreciated against the British pound to 5.4035/4078 from Monday’s close of 5.3864/3901, weakened versus the Singapore dollar to 3.1738/1768 from 3.1717/1743 and fell against the euro to 4.6441/6478 from 4.6325/6357
It appreciated vis-à-vis the Japanese yen to 3.2448/2477 from 3.2627/2652 previously.
— Bernama
