Ringgit opens higher against US dollar

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Kuala Lumpur
– The ringgit opened higher against the US dollar, in the early trading session today, prompted by firmer crude oil prices.

At 9 am, the local unit was quoted at 4.2820/2870 to the US dollar from 4.2855/2885 on Monday.

A dealer said falling US commercial crude inventories coupled with the continued tightening of crude oil production by the Organisation of Petroleum Exporting Countries helped shore up crude oil prices.

The overnight benchmark Brent Crude improved 12 cents to US$51.78 per barrel.

Besides, he said geopolitical tension in North Korea and the upcoming two-day US Federal Reserve’s annual central banking symposium also resulted in a weaker greenback.

However, the ringgit was traded mostly lower against a basket of major currencies.

It fell against the Singapore dollar to 3.1458/150 from 3.1439/1466 on Monday, slipped against the pound to 5.5268/5341 from Monday’s close of 5.5172/5232 and vis-a-vis the euro, it decreased to 5.0605/0681 from 5.0307/0347 yesterday.

The local note improved against the yen to 3.9205/9262 from 3.9309/9348 yesterday. – Bernama