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Ringgit opens sharply higher

by April 7, 2016 General

KUALA LUMPUR: The ringgit opened sharply higher against the US dollar on Thursday as the rebound in oil prices boosted demand for the local note.

At 9.06 am, the ringgit was up at 3.8775/8825 against the greenback from 3.9170/9220 recorded at yesterday’s close.

A dealer said oil prices had an overnight rally due to an unexpected decline in US crude stockpiles, with the global benchmark Brent crude up 5.2 per cent to US$39.84 a barrel.

“The higher oil price will be good for Malaysia’s oil and gas revenue.

“Furthermore, traders were upbeat on the ringgit after the release of Malaysia’s positive trade data and higher trade surplus of RM7.35 billion,” he added.

The ringgit also traded higher against a basket of other currencies.

It rose against the Singapore dollar to 2.8786/8830 from 2.8874/8921 yesterday and improved against the Japanese yen to 3.5411/5466 from 3.5477/5532.

The local note appreciated against the euro to 4.4238/4311 from 4.4446/4515 and strengthened against the British pound to 5.4812/4895 from 5.5265/5343. — BERNAMA