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Ringgit opens marginally higher against US dollar

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Kuala Lumpur
– The ringgit opened marginally higher against the US dollar today on emerging mild support for the local note, dealers said.

At 9am, the local unit opened at 4.0870/0900 against the US dollar from Thursday’s 4.0875/0915.

The market was closed on Friday for the Maulidur Rasul public holiday.

A dealer said the ringgit’s rebound was on the back of better crude oil prices in anticipation of growing hopes of a cut in oil production by major producers, especially the Organisation of the Petroleum Exporting Countries.

Against a basket of major currencies, the local note was traded lower except versus the yen.

The ringgit fell against the Singapore dollar to 3.0294/0330 from 3.0278/0328, weakened against the euro to 4.8509/8548 from 4.8355/8419, decreased against the British pound to 5.5064/5121 from 5.5001/5072 but rose against the yen to 3.6239/6275 from Thursday’s 3.6379/6424. – Bernama