Ringgit opens higher as crude oil prices stabilise

KUALA LUMPUR: The ringgit opened higher against the US dollar for the second consecutive day today on stable oil prices.

At 9am, the local unit stood at 4.1180/1230, marginally higher against 4.1220/1250 at Monday’s close.

Axi chief global markets strategist Stephen Innes said although oil trading is volatile these days with the greenback appearing to base and possibly turn higher, the ringgit could remain mired amid its recent range trading proclivities.

“For now, economic fundamentals seem supportive and US yields tentatively range-bound, the dollar shifted lower against most of emerging market currencies,” he told Bernama.

At time of writing, the benchmark Brent crude oil price up 0.04 per cent to US$67.08 per barrel.

At the opening bell, the ringgit was traded mixed against other major currencies.

The ringgit appreciated against the euro to 4.9568/9645 from 4.9612/9661 and gained versus the yen to 3.8063/8112 from 3.8145/8180 previously.

However, it weakened against the Singapore dollar to 3.0974/1030 from 3.0972/1001 and fell against the British pound to 5.7578/7652 from 5.7292/7350. – Bernama