Global oil price increase boosts ringgit at opening

KUALA LUMPUR: The ringgit opened slightly higher against the US dollar today on mild demand for the local note, as global oil price increase helped lift market sentiment.

At 9.10am today, the local note was quoted at 4.3400/3480 against the greenback compared with Friday’s 4.3450/3500.

A dealer said July Brent crude closed trading on Friday four cents higher at US$35.33 a barrel while West Texas Intermediate crude futures for July delivery rose US$1.78 to US$35.49 a barrel.

“Higher oil price is positive for Malaysia’s oil and gas revenue. However, gains were capped due to lingering fears that another wave of global economic weakness may be around the corner,” he added.

Meanwhile, the ringgit was traded mostly higher against a basket of benchmark currencies, except against the British pound, where it declined to 5.3725/3828 from 5.3435/3514.

The local note rose against the Singapore dollar to 3.0765/0839 from 3.0768/0810, gained against the Japanese yen to 4.0271/0353 from 4.0528/0586 and was higher against the euro at 4.8239/8345 from 4.8369/8433.