KUALA LUMPUR (April 20): The ringgit opened higher for the second consecutive day today against the US dollar on stable oil prices.
At 9am, the local unit stood at 4.1180/1230, marginally lower against 4.1220/1250 at yesterday’s close.
Axi chief global market strategist Stephen Innes said although oil trading is volatile these days with the greenback appearing to base and possibly turn higher, the ringgit could remain mired amid its recent range trading proclivities.
“For now, economic fundamentals seem supportive and US yields tentatively range-bound, [with] the dollar shifted lower against most of emerging market currencies,” he told Bernama.
At time of writing today, the benchmark Brent crude oil price was up 0.04% at US$67.08 (RM276.37) per barrel.
At the opening bell, the ringgit was traded mixed against other major currencies.
The ringgit appreciated against the euro to 4.9568/9645 from 4.9612/9661, and gained versus the yen to 3.8063/8112 from 3.8145/8180 previously.
However, it weakened against the Singapore dollar to 3.0974/1030 from 3.0972/1001, and fell against the British pound to 5.7578/7652 from 5.7292/7350.-The Edge Market