KUALA LUMPUR: The ringgit rebounded from three days of losses to open higher against the US dollar Thursday morning, lifted by stronger oil prices, dealers said.
At 9am, the ringgit traded at 4.1120/1170 to the US dollar from 4.1360/1410 on Wednesday.
A dealer said the rebound of crude oil prices came as hopes have risen that a deal to curb oil production could be reached at the formal Organisation of the Petroleum Exporting Countries (OPEC) meeting in November.
It was reported that OPEC has agreed to cut oil production to 32.5-33.0 million barrels per day (bpd) during a talk held in conjunction with the three-day informal meeting in Algeria that began on Sept 26.
The surprise move has led overnight Brent crude prices to rise 31 cents to US$49.00 a barrel, while US West Texas Intermediate crude oil price went up 28 cents to US$47.33 a barrel.
Meanwhile, the ringgit also traded higher against other major currencies.
It appreciated against the Singapore dollar to 3.0231/0272 from 3.0380/0422 yesterday and strengthened versus the yen to 4.0644/0710 from 4.1081/1143.
The local unit rose vis-a-vis the British pound to 5.3649/3739 from Wednesday's 5.3747/3821 and expanded against the euro to 4.6165/6234 from 4.6389/6454. - Bernama
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