Ringgit opens higher on rising oil prices

  • Forex
  • Monday, 30 Aug 2021

KUALA LUMPUR: The ringgit opened higher against the US dollar in early trade today on improved sentiment towards the currency, coupled with rising oil prices, a dealer said.

At 9.04 am, the local note rose to 4.1760/1780 versus the greenback from Friday's close of 4.1890/1930.

However, the dealer said United States (US) Federal Reserve chairman Jerome Powell's speech on Friday, in which he highlighted that tapering may begin at the end of this year, could provide support for the dollar and thus exert downward pressure on the ringgit.

"The market's attention will turn to US non-farm payrolls data due Sept 3, with the dollar expected to resume its advance if a strong report delivers another boost to Treasury yields," he said.

At the time of writing, the benchmark Brent crude oil price gained by 0.81 per cent to US$73.29 per barrel.

At the opening bell, the local note was traded mostly lower against a basket of major currencies.

The ringgit weakened vis-a-vis the euro to 4.9294/9317 from Friday’s close of 4.9254/9301, depreciated against the Japanese yen to 3.8057/8075 from 3.8044/8084, and fell against the British pound to 5.7462/7489 from 5.7427/7482 previously.

However, it maintained at 3.1009/1026 to the Singapore dollar compared with 3.1009/1041 at Friday's close. - Bernama
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Ringgit , Open , US dollar , US Fed , Tapering , Oil


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