The ringgit rose as much as 4.1000 per dollar, its strongest
since Sept. 22, as traders cut bearish bets on the oil rebound.
The Malaysian currency closely tracks crude prices due to the
country's reliance on oil and gas exports.
The ringgit pared some of its earlier gains due to a lack of
detail on the OPEC agreement.
"Oil should stay supportive short term, but until there is a
convincing break above $50 per barrel, the USD/MYR will continue
to be supported on dips," said Stephen Innes, senior FX trader
for FX broker OANDA in Singapore. Brent crude eased
to$48.61 a barrel in early afternoon trade in Asia.
The ringgit is also seen having chart resistance around the
session high, said a senior Malaysian bank trader in Kuala
Lumpur.
Reuters
