The local currency also opened higher against other major currencies

THE ringgit was slightly higher against the US dollar at the opening today, boosted by buying interest in the local note amid improving crude oil prices, a dealer said.

At 9am, the local note was traded at 4.4320/4350 against the greenback compared to yesterday’s close of 4.4375/4405.

Oil prices rose by 2.76% as data showed a larger-than-expected draw in the US crude stockpiles.

SPI Asset Management MD Stephen Innes opined that the ringgit had opened on better footing as risk sentiments improved.

“Investors may see the local unit trade at the 4.42 level today as global risk sentiments stabilised after the hawkish surprise from the Bank of Japan earlier in the week,” he told Bernama.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

The local currency appreciated vis-a-vis the Japanese yen to 3.3553/3581 from yesterday’s close of 3.3714/3740, improved against the British pound to 5.3614/3650 from yesterday’s 5.3880/3917 and strengthened versus the euro at 4.7055/7085 compared to 4.7113/7145 yesterday.

However, the local note was flat versus the Singapore dollar at 3.2827/2857 from 3.2829/2856 previously. — Bernama