KUALA LUMPUR (May 21): The ringgit opened higher against the US dollar today, buoyed by the rise in oil prices.
At 9am, the local currency was traded at 4.1390/1420 against the greenback from yesterday’s close at 4.1445/1475.
At the time of writing, oil benchmark Brent crude had risen 0.37% to US$65.35 (RM270.68) per barrel.
Meanwhile, ActivTrades trader Dyogenes Rodrigues Diniz said the market is waiting for the US’ existing home sales report due later today, which is a strong indicator of the overall economic well-being.
“A higher-than-expected reading is possibly positive for the dollar and could be the ignition for an extended rally against the ringgit in the next few weeks,” he said.
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In the meantime, the local note was traded mostly lower against other major currencies.
The ringgit eased against the Singapore dollar to 3.1099/1124 from yesterday’s close at 3.1080/1107, and slightly declined vis-a-vis the British pound to 5.8699/8746 from 5.8520/8579 chalked up previously.
The local currency fell against the euro to 5.0637/0677 from 5.0505/0550 yesterday, but inched up against the yen to 3.8028/8063 from 3.8030/8068 at yesterday’s close.-BERNAMA