Ringgit opens marginally higher with oil prices poised to rise

Risk assets and oil prices may be hit, taking down currencies of commodity producing countries, especially the Russian ruble, Colombian peso and ringgit, according to Bloomberg.

KUALA LUMPUR: The ringgit opened marginally higher against the US dollar in the early trading session today, a dealer said.

At 9.00 am, the ringgit was quoted at 4.0350/0400 against the US dollar compared with 4.0380/0420 recorded last Friday.

“We expect trading activity to pick up this week ahead of Bank Negara Malaysia's Monetary Policy Committee meeting scheduled for Wednesday (July 11), with the ringgit trading higher.

“With oil prices poised to move higher, the local note should get some support from the commodity sector,” the dealer added.

Meanwhile, the local unit traded lower against a basket of currencies.

It fell against the Singapore dollar to 2.9726/9767 from 2.9672/9712 and slipped against the yen to 3.6522/6578 from 3.6497/6536 on Friday.

The ringgit was lower against the euro at 4.7419/7482 from 4.7277/7340 and declined against the British pound to 5.3613/3684 versus 5.3419/3476 previously. - Bernama