Ringgit reverses downtrend, opens higher against US dollar

Ringgit reverses downtrend, opens higher against US dollar

Stagnant greenback, steadier oil prices spur fresh buying interest for the local note.

KUALA LUMPUR: The ringgit reversed its downtrend to open higher against the US dollar today, spurred by fresh buying interest for the local note, amid the stagnant greenback, said a dealer.

At 9am, the ringgit was traded at 4.1385/1425 versus the US dollar from 4.1400/1440 yesterday.

The dealer said steadier oil prices – which is currently at a three-month high, supported by the decline in the United States crude inventories – also lifted the ringgit at the opening today.

The benchmark Brent crude oil stood at US$66.54 per barrel after rising for the sixth consecutive day, while US WTI crude oil stood at US$61.22 per barrel.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0538/0576 from 3.0542/0581 on Thursday, strengthened versus the British pound to 5.3838/3894 from 5.4251/4320 and appreciated against the euro to 4.6012/6073 from 4.6099/6156.

The local unit, however, depreciated vis-a-vis the Japanese yen to 3.7843/7890 from 3.7788/7827 previously.

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