Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit extended yesterday’s gains to trade higher against the US dollar at the opening today, supported by improving oil prices, said an analyst.

At 9am, the local note rose to 4.0530/0560 from Thursday’s close of 4.0600/0620.

Axi chief global market strategist Stephen Innes said the ringgit is the beneficiary of higher oil prices as Malaysia is among Asia’s biggest oil producers, with Brent crude soaring above US$50 per barrel.

It was reported that Brent crude hit US$50 a barrel on Thursday morning for the first time since oil prices crashed in early March, as a swifter-than-expected Covid-19 vaccine rollout fuelled bullish expectations of strengthening oil demand early next year.

At the time of writing, Brent crude oil was traded 0.68 per cent higher at US$50.59 per barrel.

Meanwhile, the ringgit traded mostly lower against other major currencies.

It marginally eased against the Singapore dollar to 3.0366/0400 from Thursday’s close of 3.0348/0368, and fell against the Japanese yen to 3.8967/9008 from 3.8863/8889.

The local currency was higher vis-a-vis the British pound at 5.3917/3961 from 5.4063/4106 yesterday, but depreciated against the euro to 4.9224/9276 from 4.9142/9183 on Thursday. – Bernama

Source: NST