KUALA LUMPUR: The ringgit opened higher against the US dollar on Monday as the local currency continued to receive good support from low crude oil prices.
At 8am, the local currency was at 4.0855/0950 against the US dollar from 4.0860/0910 at the close last Friday.
Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul Rashid, said that West Texas Intermediate and Brent crude oil prices were at US$69.87 per barrel and US$72.46 per barrel, respectively, while the United States (US) and Iran were expected to continue their negotiations.
“Ships continuing to pass through the Strait of Hormuz shows that the oil shortage could be resolved soon.
“In this regard, the US dollar/ringgit is expected to be at RM4.08 to RM4.10 today,” he told Bernama.
In the opening session, the ringgit traded higher against a basket of major currencies.
It rose against the pound to 5.3929/4054 from 5.4013/4079 at last Friday’s close, rose against the euro to 4.6526/6634 from 4.6605/6662 and rose against the Japanese yen to 2.5258/5318 from 2.5283/5316 previously.
The local currency traded mixed against regional currencies.
The ringgit rose against the Singapore dollar to 3.1560/1639 from 3.1581/1625 at last Friday’s close, was almost flat against the Indonesian rupiah to 227.9/228.6 from 227.9/228.3 and flat against the Philippine peso to 6.66/6.68 from 6.66/6.67.
The local currency rose against the Thai baht to 12.2284/2627 from 12.2445/2643 previously.
— BERNAMA
