Ringgit boosted by recovering oil prices

Riskier currencies were trading on a poor footing, given the firmer dollar and negative global equity sentiment.

KUALA LUMPUR: The ringgit extended gains from yesterday to open higher against the US dollar today, as more investors shifted towards emerging currencies, prompted by the recovery in crude oil prices, dealers said.

At 9.02 am, the local note was quoted at 3.8970/9000 against the greenback from 3.9010/9050 on Monday.

The ringgit also traded higher against a basket of major currencies.

It rose against the Singapore dollar to 2.9639/9665 from Monday's 2.9654/9694 and strengthened against the British pound to 5.4445/4491 from 5.4848/4912.

The local unit also improved against the yen at 3.6475/6513 from 3.6591/6632 on Monday and appreciated against the euro to 4.8062/8114 from 4.8142/8207. - Bernama