Ringgit opens higher against US dollar

A dealer says global oil prices have resulted in higher ringgit. (AFP pic)

KUALA LUMPUR: The ringgit opened higher against the US dollar on positive sentiment supporting the market, a dealer said.

At 9.03am, the ringgit stood at 4.1090/1120 against the US dollar from Thursday’s close of 4.1130/1150.

He said the greenback slipped again this morning as focus remained on trade conflicts and the possibility of Federal Reverse rate cuts.

“The International Monetary Fund’s (IMF) External Sector Report released yesterday stated that the US dollar was overvalued by 6% to 12%, based on near-term economic fundamentals, which resulted in the dollar retracing once again,” he said.

The dealer said the higher ringgit was also driven by the rise in global oil prices.

At press time, the benchmark Brent crude futures rose by 1.32% to US$62.75 per barrel.

However, the local note traded lower against a basket of major currencies.

It slid slightly against the Singapore dollar to 3.0273/0307 from Thursday’s close of 3.0234/0253 and fell against the yen to 3.8216/8255 from 3.8161/8187.

The local currency depreciated versus the British pound to 5.1556/1601 from 5.1269/1310 and slipped against the euro to 4.6263/6313 from 4.6189/6228.