With a drop in crude prices, the ringgit is on the retreat at opening of trade. ― Picture by Miera Zulyana
KUALA LUMPUR, Oct 18 — The ringgit slipped at the opening today, amid the lower crude oil price despite a commitment by the Organisation of the Petroleum Exporting Countries and its allies to cut their oil production by 1.2 million barrel-per-day until March next year, a dealer said.
At 9am, the local note was at 4.1810/1840 versus the greenback from 4.1780/1830 recorded at yesterday’s closing.
The crude oil price currently trading at US$59.74 (RM250.38) per barrel, down by 0.28 per cent.
The dealer, however, said the US dollar was also weakened after the British government and the European Union agreed on a long-awaited Brexit deal with investors’ interest shifted to the euro.
Against a basket of other currencies, the local note was traded mostly lower except with the yen, which rose to 3.8467/8505 from 3.8525/8572.
It depreciated against the Singapore dollar to 3.0628/0659 from 3.0576/0607, weakened against the British pound to 5.3772/3819 from 5.3728/3783 and slipped to 4.6522/6560 from 4.6411/6460 when compared with the euro. — Bernama