Ringgit Opens Higher Against US Dollar

KUALA LUMPUR, July 12 (Bernama) -- The ringgit opened higher against the US dollar Wednesday, supported by the increase in oil prices, dealers said. At 9.03 am, the local note stood at 4.2930/2970 against the greenback compared with Tuesday's close of 4.2960/2990. It was reported that oil prices climbed higher after an industry report showed US crude stockpiles fell by the most since September. Benchmark Brent crude rose over one per cent to trade around US$48 per barrel. However, the gains were capped by investors’ concern over the testimony by the US Federal Reserve Chair Janet Yellen this week on the possibility of tightening monetary policies. The ringgit was traded mostly lower against other major currencies. It fell against the Singapore dollar to 3.1100/1131 from 3.1057/1062 on Tuesday and eased against the euro to 4.9262/9325 from 4.8944/8937 Tuesday. The local note declined against the yen to 3.7784/7829 from 3.7572/7612 Tuesday. It, however, strengthened against the pound to 5.5221/5285 from 5.5423/5479 Tuesday. -- BERNAMA