KUALA LUMPUR: The ringgit reversed its downward trend to open higher against the US dollar, in early Wednesday trade, as sentiment was positively fueled by the rebound in oil prices.
At 9.04 am, the local unit was quoted at 4.1140/1200 against the US dollar from 4.1200/1260 at 5pm on Tuesday.
A dealer said the higher prices were boosted by the anticipation of a decline in bloated inventories in the United States, the world’s largest oil consumer.
Meanwhile, Qatari Energy Minister Mohammed bin Saleh al-Sada, who is heads the Organisation of the Petroleum Exporting Countries, indicated there could be a halt in production by member countries to boost prices.
Against other major currencies, the ringgit was traded mostly higher.
It rose against the Singapore dollar to 2.9766/9829 from Wednesday’s close of 2.9784/9838, strengthened against the yen to 3.7352/7424 from 3.7605/7670 and improved against the euro to 4.5814/5897 from 4.6057/6129 yesterday.
However, the ringgit depreciated vis-a-vis the British pound to 6.0110/0222 from 5.9884/9988 on Tuesday. – Bernama