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.