KUALA LUMPUR: The ringgit strengthened against the US dollar at opening today on buying interest and amid stronger oil prices, dealers said.
At 9 am, the ringgit was quoted at 4.0800/0880 versus the US dollar from 4.1300/1380 yesterday.
A dealer said interest in the ringgit also surfaced on comments from an international fund manager that it was undervalued in the face of Malaysia’s good economic growth.
Executive chairman of Templeton Emerging Markets Group Mark Mobius said the ringgit, which has declined by more than 15 per cent against the US dollar since January last year, has made Malaysia very attractive in turn.
Meanwhile, crude oil prices continued to rise today on report of a potential output cap from the Organisation of the Petroleum Exporting Countries (OPEC).
The price of the benchmark Brent Crude futures contract for May delivery on London’s ICE rose by 3.38 per cent to US$40.03 per barrel in the course of trading session on Wednesday.
Meanwhile, the ringgit was higher against other major currencies.
It appreciated against the Singapore dollar to 2.9897/9971 from Wednesday’s 2.9919/9988 and strengthened against the yen to 3.6180/6260 from 3.6336/6420.
The local unit firmed against the British pound to 5.8222/8352 from 5.8295/8424 and rose against the euro to 4.5741/5847 from 4.5785/5885. --Bernama