KUALA LUMPUR –The ringgit opened higher against the US dollar today on positive sentiment, boosted by oil prices which continued to trade on a solid footing, said an analyst.
At 9.01am, the local note firmed up to 4.0430/0470 against the greenback from Tuesday's close of 4.0480/0510.
Axi chief global market strategist Stephen Innes said the ringgit seemed to be in a happy medium around the 4.05 level, after a tumultuous year for oil-linked currencies which included the ringgit.
“We should see many local traders pack it in for the year today, but the ringgit should continue to trade on a stable note despite some year-end profit-taking hitting global equities,” Innes said.
As at time of writing, benchmark Brent crude climbed 0.39% to trade at US$51.29 per barrel.
Meanwhile, the ringgit was traded mostly lower against other major currencies.
It improved against the Singapore dollar at 3.0472/0504 from 3.0484/0509 on Wednesday, but eased slightly versus the euro to 4.9595/9661 from 4.9584/9625 yesterday.
The local note fell marginally versus the Japanese yen to 3.9063/9109 from 3.9039/9080 and dropped against the British pound to 5.4625/4691 from 5.4527/4587 previously. – Bernama, December 30, 2020
