Ringgit opens higher against US dollar

KUALA LUMPUR: The ringgit opened higher this morning against the US dollar on Friday, taking its cue from slightly higher oil prices.

However, the gains were capped by concerns over Covid-19.

At 9am, the local currency was traded at 4.1570/1610 versus the greenback compared with 4.1620/1660 on Friday.

AxiCorp chief global market strategist Stephen Innes said the better ringgit opening was driven by higher oil prices, while emerging currencies were benefitting from a weaker dollar with the US currency still below its 200-day moving average.

Global benchmark Brent crude rose 1.94% to US$39.91 per barrel

He said investors are also waiting for cues from the upcoming US economic stimulus package, as well as the presidential election which will be held in a month’s time.

Meanwhile, the ringgit was mostly higher against other major currencies.

It rose against the Singapore dollar to 3.0497/0528 from 3.0502/0543 on Friday, slightly improved against the euro to 4.8741/8780 from 4.8766/8830 and was better versus the yen at 3.9380/9413 from 3.9582/9631 previously.

However, it slipped against the British pound to 5.3804/3847 from 5.3748/3821.