LAST_UPDATEFri, 20 Jul 2018 6pm

Ringgit Rebounds To Open Higher Against Us Dollar

KUALA LUMPUR -- The ringgit rebounded to open slightly higher this morning on improved demand for the local unit amid rising oil prices, a dealer said.

At 9.11 am, the ringgit was quoted at 3.9950/4.000 against the greenback from 3.9960/9990 at yesterday’s close.

Oil prices recouped recent losses ahead of the Organisation of the Petroleum Exporting Countries meeting, which is likely to see an increase in output after restricting supply since 2017, and as investors assess the impact of the United States-China trade dispute, the dealer said.

Despite volatile trade, the benchmark Brent crude rose US$1.90 to US$75.34 a barrel.

Against other major currencies, the ringgit traded mostly lower, except for the Singapore dollar in appreciating to 2.9560/9614 from Monday’s 2.9580/9611.

The ringgit fell against the Japanese yen at 3.6279/6331 from 3.6147/6177, weakened against the British pound to 5.2982/3052 from 5.2935/2979 and depreciated vis-a-vis the euro to 4.6466/6536 from 4.6342/6384.