Ringgit opens slightly better against US Dollar

KUALA LUMPUR: The ringgit opened slightly better against the US dollar today, supported by the higher global oil price.

At 9.15 am, the local currency traded at 4.0400/0450 against the greenback from yesterday’s close of 4.0470/0500.

A dealer said crude oil prices remained surprisingly stable despite the border market struggles.

“Still, the upward price momentum has stalled as concerns about the COVID-19 vaccine efficacy and the rollout are weighing oil demand risks,” he said.

At the time of writing, Brent crude gained 0.13 per cent to trade at US$55.98 per barrel.

Meanwhile, the ringgit was traded mostly lower against other major currencies.

It opened lower against the Singapore dollar at 3.0491/0531 from 3.0477/0511 on Tuesday, fell against the British pound to 5.5489/5562 from 5.5270/5327 and weakened vis-a-vis the Euro to 4.9122/9195 from 4.9078/9131 at the close yesterday.

The local currency, however, rose versus the Japanese yen to 3.8959/9011 from 3.8988/8025 previously.

-- BERNAMA