Ringgit Opens Higher Against US Dollar

KUALA LUMPUR, Feb 2 (Bernama) -- The ringgit opened higher against the US dollar Friday, on the back of firmer global crude oil prices, dealers said. At 9.00 am, the ringgit stood at 3.8830/8870 against the greenback from Tuesday's close of 3.8975/8995. Meanwhile, Oanda Corp Head of Trading for Asia Pacific, Stephen Innes, said the US Federal Open Market Committee had maintained its target range for the federal funds rate at 1.25-1.50 per cent. “Bank Negara Malaysia is also moving on a path of interest rate normalisation, and the ringgit might be less sensitive to US yield than regional peers. “If that scenario plays out, then it will become a contest of economic data, and if the Malaysian economy continues to outperform, then the ringgit should remain, stable to stronger,” he told Bernama. Innes said higher oil prices also remained supportive of the local note.The benchmark Brent crude recorded a 0.34 per cent increase to US$69.89. Meanwhile, the ringgit traded mixed against a basket of major currencies. It improved against the Singapore dollar to 2.9655/9692 from 2.9711/9731 and appreciated against the yen to 3.5484/5524 from 3.5869/5897. The ringgit, however, eased against the British pound at 5.5387/5460 from 5.4842/4889 and weakened against the euro to 4.8557/8619 from Tuesday's close of 4.8317/8358. -- BERNAMA