KUALA LUMPUR: The ringgit opened higher against the US dollar today on increased demand and amid encouraging crude oil prices, said a dealer.
At 9.02 am, the local note was quoted at 3.8870/8900 from Monday's close of 3.8940/8970.
OANDA Head of Trading Asia-Pacific, Stephen Innes said the ringgit would thrive and have an upside bias, especially with the market under-positioned for the local note.
“We should see the ringgit grind towards the RM3.87 level per US dollar soon,” he told Bernama.
Innes suggests market participants look for equity and bond inflow to accelerate, as risk on takes over the market, while buoyant oil prices provide ancillary support.
The benchmark Brent crude oil rose 0.19 per cent to US$69.65 per barrel at the opening today.
Meanwhile, against a basket of major currencies, the ringgit was mostly higher.
The local currency was better against the Singapore dollar at 2.9692/9724 from 2.9709/9737 on Monday, and higher against the yen at 3.6798/6830 from 3.7050/7086.
It appreciated against the British pound to 5.5316/5370 from 5.5353/5408, but slipped versus the euro to 4.8393/8434 from 4.8305/8346. - Bernama
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