For any nation with a large oil export quotient, he said. Their currency feels the ups and downs of the choppy oil market.
Crude oil from Brent stood at US$44.18 per barrel, while crude oil from WTI traded at US$41.65 per barrel.
With another lockdown warning, especially in California, it is likely that risk traders will need to price defensively by the weekend. So I would think that the local note would also trade on a defensive axis,’ he told Bernama.
According to media reports, the governor of California issued a stay-at-home order and a curfew for the state from Nov 21 to Dec 21.
Against other major currencies, except for the Singapore dollar, the ringgit was mostly traded lower.
Compared with 3.0417/0466 yesterday, the local note was marginally higher against the Singapore dollar at 3.0411/0464, but decreased from 5.4092/4191 against the British pound to 5.4216/4304.
After that, it also declined versus the euro to 4.8557/8632 from 4.8452/8523 and vis-a-vis the yen. It fell to 3.9382/9442 from 3.9362/9414 on Thursday.