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Malaysian Ringgit Gains Following Oil Production Cuts Extension

May 26, 2017 at 10:19 by Vladimir Vyun

A fan of Malaysian currency notesThe Malaysian ringgit logged gains today following the announcement of an oil production cuts extension from the members of the Organization of Petroleum Exporting Countries and some non-OPEC producers, including Russia.

The OPEC announced an extension of the previously agreed upon cuts till the first quarter of 2018. That should support prices for crude, which will be good for oil-producing Malaysia. The ringgit gained on the US dollar also because of the disappointing policy minutes from the Federal Reserve, which drove the greenback down.

USD/MYR fell 0.24% to 4.2688 as of 10:18 GMT today.

If you have any questions, comments or opinions regarding the Malaysian Ringgit, feel free to post them using the commentary form below.

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