Firmer start for ringgit early Thursday on better crude oil price

At 9.01 am(0101gmt) Thursday, the ringgit was quoted at 4.0320/0370 against the greenback from 4.0350/0420 on Wednesday.

KUALA LUMPUR: The ringgit opened higher against the US dollar on Thursday on renewed buying interest for the local currency lifted by the better oil prices.

At 9.03 am, the ringgit was quoted at 4.1300/1350 against the greenback from 4.1350/1420 on Wednesday.

A dealer said the rise in oil prices following industry reports of a sizeable drop in oil inventory levels had brought about positive sentiments in Asian shares and boosted demand for Asian currencies.

The price for Brent crude oil shot up 1.9 per cent to US$51.86 per barrel in early Wednesday trading while West Texas Intermediate, the US benchmark price for oil, was up 2.0 per cent to open the day in New York at US$49.69 per barrel.

The local note was also traded higher against a basket of major currencies except the British pound. 

The ringgit rose against the yen to 3.9915/9975 from 4.0103/0190 on Wednesday, improved against the Singapore dollar to 3.0172/0229 from 3.0174/0229 and gained against the euro to 4.6264/6324 from 4.6395/6482 yesterday.

It slipped against the British pound to 5.2645/2713 from Wednesday's close of 5.2585/2678. - Bernama