Ringgit reverses downtrend, opens higher against US dollar

KUALA LUMPUR: The ringgit reversed its downtrend to open higher against the US dollar today, spurred by fresh buying interest for the local note, amid the stagnant greenback, said a dealer.

At 9am, the ringgit was traded at 4.1385/1425 versus the US dollar from 4.1400/1440 yesterday.

The dealer said steadier oil prices – which is currently at a three-month high, supported by the decline in the United States crude inventories – also lifted the ringgit at the opening today.

The benchmark Brent crude oil stood at US$66.54 per barrel after rising for the sixth consecutive day, while US WTI crude oil stood at US$61.22 per barrel.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0538/0576 from 3.0542/0581 on Thursday, strengthened versus the British pound to 5.3838/3894 from 5.4251/4320 and appreciated against the euro to 4.6012/6073 from 4.6099/6156.

The local unit, however, depreciated vis-a-vis the Japanese yen to 3.7843/7890 from 3.7788/7827 previously.