Slowing exports and tepid inflation have raised expectations that policy makers will need to consider adding to May
KUALA LUMPUR: The ringgit was higher against the greenback in early trade today as demand for the local note improved on the back of stronger global oil prices.
At 9.21 am, the local unit stood at 4.1490/1530 against the US dollar from 4.1515/1555 recorded yesterday.
A dealer said higher global oil prices helped lift market sentiment towards the ringgit, as it was positive for Malaysia's oil and gas revenue.
“US West Texas Intermediate crude was up 0.5 per cent to US$72.27 a barrel, while international benchmark Brent crude rose 0.4 per cent to US$81.77 a barrel,” he added.
Moving forward, he said market participants would monitor the US Federal Reserve's September meeting minutes to be released Wednesday, for more clues as to the US dollar's direction and the likelihood of more interest rate increases for this year.
Meanwhile, the ringgit traded mostly higher against other major currencies, except the Singapore dollar, in easing to 3.0203/0237 from yesterday's close of 3.0153/0189.
The local note rose against the yen to 3.6919/6962 from 3.7027/7070, improved versus the euro to 4.8033/8083 from 4.8041/8096, and appreciated against the British pound to 5.4713/4774 from 5.4804/4861.- Bernama
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
