Ringgit Opens Higher Against Greenback On Improving Oil Prices

KUALA LUMPUR, Feb 18 (Bernama) -- The ringgit rebounded from two days of losses to open higher against the US dollar Thursday morning and lifted by buying support for the local note, dealers said. At 9.05 am, the ringgit traded at 4.1720/1770 to the US dollar from 4.2140/2200 Wednesday. A dealer said Asian currencies as well as commodity-exporter currencies moved in tandem with the movement of crude oil prices. "The rebound in crude oil prices came as Iran said it would support any effort to stabilise oil prices and this sparked renewed interest for the currencies," he added. Crude oil prices rose near eight per cent on Wednesday, while Brent Crude, a benchmark for international oil, rose 7.2 per cent. Meanwhile, the ringgit also traded higher against other major currencies. It appreciated against the Singapore dollar to 2.9690/9736 from 2.9937/9986 Wednesday and strengthened versus the yen to 3.6645/6698 from 3.7007/7070. The local unit rose vis-a-vis the British pound to 5.9605/9698 from Wednesday's 6.0130/0232 and expanded against the euro to 4.6464/6536 from 4.7020/7104. -- BERNAMA