SINGAPORE - The Malaysian ringgit continued on its strengthening path on Wednesday (Nov 25), riding on improving oil prices that brightened up the oil exporting country's economic outlook.
As a result, ringgit gained around 0.4 per cent on Wednesday to 2.9923 per Singapore dollar by 10:30am, with the Singdollar dropping below 3 against the ringgit for the first time in over a month. The Singapore dollar last closed below 3 against the ringgit on October 13 at 2.9843.
Wednesday's gain came as Brent futures stayed above US$46 per barrel compared with the sub US$45 level it kept recently.
News that Malaysia's scandal-hit sovereign wealth fund 1Malaysia Development Berhad sold its energy assets for RM9.83 billion was welcomed by punters.
Meanwhile, the US dollar weakened around 0.6 per cent to 1.4059 against the Singapore dollar. The euro also dropped 0.4 per cent to 1.5008 against the Singapore dollar.