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Ringgit Opens Higher Against US$ Monday

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KUALA LUMPUR: The ringgit opened higher against the US dollar Monday propped up by stronger global oil prices amid returning interest to emerging markets, dealers said.

At 9 am(0100GMT), the local unit was quoted at 4.0750/0810 against the US dollar from Friday’s close of 4.0970/0030.

A dealer said interest in emerging market assets returnesd following the US Federal Reserve’s decision to maintain interest rate last week.

Meanwhile, he said the stronger oil prices further drove interest in oil exporting countries’ assets.

Global crude benchmark Brent rose US$1.98, or 4.2 per cent, to US$49.17 a barrel, the biggest gain since May 11.

The ringgit was traded mixed against other major currencies.

It appreciated against the Singapore dollar to 3.0297/0367 from Friday’s close of 3.0332/0397 and rose against the yen to 3.8910/8985 from 3.9277/9350.

The local unit, however, was down against the British pound to 5.9373/9476 from 5.8550/8652 and weakened against the euro to 4.6259/6348 from 4.6112/6196.

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