Ringgit Opens Higher Against US Dollar

KUALA LUMPUR, July 27 (Bernama) -- The ringgit opened higher against the US dollar Thursday morning on improved demand supported by firmer oil prices and weakening US dollar. At 9 am, the local unit stood at 4.2740/2770 against the greenback compared with Wednesday's close of 4.2825/2865. The benchmark Brent crude were traded around US$50.83 per barrel. “A rally in oil prices -over the long-term should provide positive sentiment for the ringgit,” said OANDA Senior Trader Stephen Innes. Besides,, talks on positive inflows due to infrastructure projects associated with China’s ‘One Belt One Road’ initiative was also supporting the ringgit. Innes added that Malaysia's Central Bank move to further liberalise its currency policy brought cheer to investors. Meanwhile, the US dollar fell after the US Federal Reserve 's Open Market Committee announced no changes to monetary policy. The ringgit was however, easier against other major currencies. It fell against the yen to 3.8491/8528 from 3.8281/8320 on Wednesday and declined against the Singapore dollar to 3.1489/1537 from 3.1401/1442. The local note eased against the euro to 5.0113/0165 from 4.9814/9865 and dipped to 5.6028/6084 from 5.5745/5806 versus the British pound. -- BERNAMA