KUALA LUMPUR, Feb 9 — The ringgit opened higher versus the US dollar on Tuesday, extending Monday's gains on continued demand for the local note, supported by surging crude oil prices, said an analyst.
At 9.02 am, the local currency traded 60 basis points (bps) better at 4.0570/0630 against the greenback from Monday's close of 4.0630/0680.
At the time of writing, Brent crude gained 0.48 per cent to trade at US$60.85 per barrel.
Axi chief global market strategist Stephen Innes said as the ringgit typically enjoys all the same benefits of petro currency peers when oil prices surge higher, it would be more decisive for the local note this week.
"But it is not precisely ringing in chart-topper type actions likely still getting held back by higher US yields, where emerging market sensitivity is more pronounced than other risk assets, and even more so with currencies whose countries are struggling to recover while still in the throws of mobility restrictions," he told Bernama.
Meanwhile, the ringgit was traded easier against other major currencies.
It eased against the Singapore dollar to 3.0453/0501 from Monday's 3.0421/0465 and weakened vis-a-vis the euro to 4.8911/8996 from 4.8874/8942.
The local currency depreciated against the yen to 3.8583/8647 from 3.8472/8523 and declined against the British pound to 5.5796/5887 from 5.5683/5764 previously.
— Bernama
