Ringgit slips at close, tracking global oil performance

Ringgit slips at close, tracking global oil performance
A money changer counts ringgit at a shop in Putrajaya October 26, 2007. — Reuters pic

KUALA LUMPUR, Sept 17 — The ringgit slipped marginally at the close today, tracking the performance of global oil market, as investors stayed on the sidelines.

As at 6pm, the local note was quoted at 4.1370/1400 compared with 4.1300/1340 on Tuesday.

The market was closed yesterday in conjunction with Malaysia Day.

An analyst said the oil price movement had a huge impact on the local currency as much of the country’s revenue was derived from the petroleum-based industry.

At the close, the benchmark Brent crude was pegged at US$42.10 per barrel.

On the broader market, she said the overall market remained quiet as investors were awaiting further catalysts to boost up the local market.

“With the official kick-start of Bandar Malaysia on Tuesday, we expect foreign investments, especially from China, to flow in, giving a boost to the local economy, especially the construction sector, and opening up more job opportunities,” she said.

Against other major currencies, the ringgit was traded mostly lower.

It depreciated against the Singapore dollar to 3.0433/0459 from 3.0352/0386 on Tuesday and eased against the British pound to 5.3669/6729 from 5.3256/3324 previously.

The local currency, meanwhile, strengthened against the euro to 4.8812/8852 from 4.9060/912 but was lower against the yen at 3.9483/9523 versus 3.9062/911 on Tuesday. — Bernama

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Market news summary from Malay Mail Market News.
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