Ringgit opens higher against US dollar

FILE PHOTO: Malaysian ringgit notes are seen among other currency notes in this photo illustration taken in Singapore March 14, 2013. REUTERS/Edgar Su/File Photo

KUALA LUMPUR: The ringgit opened higher against the US dollar today on continued demand following Bank Negara Malaysia’s (BNM) new measures to stabilise the local note.

At 9.05 am, the ringgit strengthened to 4.4420/4470 against the greenback from yesterday’s 4.4470/4500.

A dealer said the measures by BNM had helped increase investor confidence with the ringgit expected to continue its uptrend.

Last week, the central bank announced measures, which became effective yesterday, to boost liquidity and spur more domestic trade of the ringgit.

The better oil prices which stood at above US$55 a barrel also lifted the ringgit to open higher.

Meanwhile, the ringgit traded mostly lower against other major currencies.

It depreciated against the Singapore dollar to 3.1317/1370 from yesterday’s 3.1207/1232 and fell against the yen to 3.9109/9170 from 3.8934/8987.

Against the euro, it was lower at 4.7774/7850 from 4.7285/7321 and  declined against the British pound at 5.6542/6628 from 5.6486/6542. - Bernama