Ringgit higher against US dollar in early trade

Stacks of Malaysia Ringgit notes are seen in the illustration. (Bloomberg pic)

KUALA LUMPUR: The ringgit was higher against the US dollar in early trade today on better buying demand as improved global oil prices helped lift market sentiment towards the local note.

At 9.07 am, the ringgit was quoted at 4.0750/0800 against the greenback from 4.0800/0850 last Friday.

A dealer said oil prices rose due to lower production in July, with the benchmark Brent crude oil futures trading five cents higher at US$73.26 per barrel and US West Texas Intermediate (WTI) crude futures rising 12 cents to US$68.61 a barrel.

Meanwhile, FXTM Research Analyst Lukman Otunuga expects the local note to rebound slightly against the US dollar this week, in anticipation of positive domestic economic data such as monthly retail sales, unemployment rate, construction output for the second quarter and industrial production in June, which are due to be released this week

Against other major currencies, the ringgit traded mixed.

It depreciated against the Singapore dollar to 2.9803/9855 from 2.9770/9811 last Friday and fell against the Japanese yen to 3.6646/6694 from 3.6523/6574.

The ringgit rose versus the British pound to 5.2971/3056 from 5.3064/3146 andt increased vis-a-vis the euro to 4.7115/7181 from 4.7222/7292 last Friday.