KUALA LUMPUR (Dec 7): The ringgit will likely stabilise against the U.S. dollar in the first quarter of 2017, on higher crude oil prices.

International Trade and Industry (Miti) senior director for Asean economic cooperation Datuk P. Ravidran Palaniappan said higher crude oil prices were expected to bode well for Malaysian exports.

"I see (the pressure of the ringgit depreciation) as a temporary thing, as fundamentals surrounding the economy is very strong.

"I am saying this because in terms of external trade valuing, the price of oil has gone up; commodity prices like palm oil is relatively stable," Palaniappan said.

He was speaking to reporters here during the Institute of Chartered Accountants in England and Wales' (ICAEW) economic outlook briefing.

At 4:04pm, the ringgit was traded at 4.4340 against the U.S. dollar, as crude oil traded above US$50 a barrel on the Organization of the Petroleum Exporting Countries' (OPEC') planned output cut.