Ringgit rebounds against US dollar in early trade

ringgit-dollarKUALA LUMPUR: The ringgit traded slightly higher against the US dollar today on improved buying interest despite a decline in global crude oil prices, a dealer said.

At 9 am, the local unit improved against the greenback at 4.4550/4600 from 4.4580/4700 last Friday.

Global crude oil prices declined further amid concerns over the outcome of this week’s meeting of the Organisation of Petroleum Exporting Countries (Opec).

Brent Crude was at US$46.40 per barrel, down 84 cents, while US West Texas Intermediate (WTI) crude fell 74 cents at US$45.32 per barrel.

Meanwhile, the ringgit was lower against other major currencies.

The local unit traded lower against the Singapore dollar at 3.1285/1325 from 3.1090/1191.

It declined against the yen to 3.9653/9701 from last Friday’s 3.9174/9283.

The ringgit was also lower against the euro at 4.7334/7392 from 4.7023/7154 and weaker against the British pound at 5.5576/5652 from 5.5475/5643.