By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Dec 3 -- The ringgit closed higher against the US dollar today, extending yesterday's gains for the second day, lifted by improved risk appetite for the local currency amid weak greenback sentiment, said an analyst.

At 6pm, the local currency traded at 4.0730/0750 against the US dollar from 4.0750/0780 yesterday.

Axi chief global market strategist Stephen Innes said the continued gains for the ringgit were supported by the improvement in crude oil prices. 

At press time, the benchmark Brent crude oil price rose 0.31 per cent to US$48.40 per barrel.

However, he said the local foreign exchange traders’ attention are now on the outcome of the Organisation of the Petroleum Exporting Countries’ (OPEC) meeting later today to decide on output cut extension.

"I think there is light at the end of the OPEC meeting, but traders are buying the ringgit in anticipation of a bounce in oil prices," he told Bernama.

Against other major currencies, the ringgit traded lower.

It went down against the Singapore dollar to 3.0441/0467 from 3.0395/0428 at Wednesday’s close, and was easier versus the yen at 3.9058/9081 from 3.8921/8953.

The local note weakened against the euro to 4.9328/9360 from 4.9116/9156 previously and depreciated against the pound to 5.4586/4617 from 5.4377/4421 yesterday.

-- BERNAMA