Ringgit weakens against US dollar as oil prices fall

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KUALA LUMPUR (Aug 9): The ringgit was lower against the US dollar in the early session today as declining global oil prices hampered buying sentiment towards the ringgit.

As at 9.08 am, the local unit stood at 4.0745/0775 from 4.0740/0770 recorded at yesterday’s close.

A dealer said traders were worried that lower global oil prices would reduce the country’s revenue from the oil and gas sector, on top of persisting jitters surrounding external trade, caused by geopolitical tensions between China and the United States.

US crude fell 12 cents to US$66.82 per barrel, while the benchmark Brent was two cents lower at US$72.26.

Against other major currencies, the ringgit traded mostly lower, except against the British pound, where it rose to 5.2443/2498 from 5.2567/5614 on Wednesday.

It depreciated against the Singapore dollar to 2.9876/9913 from 2.9870/9897, declined against the yen to 3.6764/6801 from 3.6723/3756 and weakened against the euro to 4.7293/7340 from 4.7242/7293.