Tuesday, 21 June 2016

Ringgit rises as oil rebound boosts sentiment

The ringgit rose, set for the biggest advance in almost two weeks after energy prices rebounded and a poll showing Britons favour remaining in the European Union (EU) boosted demand for riskier assets.

Brent crude extended gains after halting a six-day loss last Friday, that augurs well for Malaysia, which derives about a fifth of government revenue from oil-related sources.

A poll from Survation for the Mail on Sunday newspaper ahead of a June 23 referendum indicated 45% support for the UK to stay in the EU, while 42% prefer to leave.

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