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KUALA LUMPUR: The ringgit strengthened further against the US dollar at the close today, boosted by higher oil prices.

At the time of writing, Brent crude jumped 1.02 percent to US$70.97 per barrel.

At 6pm, the local note appreciated to 4.1240/1250 against the greenback from Tuesday’s close of 4.1265/1283.

The Organisation of the Petroleum Exporting Countries (OPEC) and its oil-producing allies have agreed to continue gradually easing production cuts amid a rebound in oil prices during the group’s ministerial meeting held on June 1.

Earlier today, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said the domestic oil product demand, except for the aviation sector, had rebounded amid the ongoing economic recovery efforts.

On the domestic front, a dealer said the weakness of the ringgit could dissipate with a successful containment of the Covid-19 spread over the next two months or it could even play catch up with Asian (excluding Japan) currencies.

Meanwhile, the local note traded higher against a basket of major currencies.

The ringgit strengthened against the Singapore dollar to 3.1153/1163 from 3.1229/1255 on Tuesday and rose vis-a-vis the euro to 5.0226/0238 from 5.0491/0514 yesterday.

The domestic unit advanced against the yen to 3.7565/7579 from 3.7638/7789 yesterday and increased against the British pound to 5.8322/8336 from 5.8583/8621. — Bernama

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