KUALA LUMPUR, June 29 — The ringgit opened slightly higher against the US dollar today, supported by lower crude oil prices.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said West Texas Intermediate and Brent crude were trading at about US$69.87 and US$72.46 per barrel, respectively, while the US and Iran are expected to continue negotiations.
At 8 am, the local currency stood at 4.0855/0950 against the greenback, compared with last Friday's close of 4.0860/0910.
"Shipping continues through the Strait of Hormuz, suggesting that concerns over oil supply disruptions may ease soon. On that note, we expect the US dollar-ringgit pair to trade within the RM4.08 to RM4.10 range today," Mohd Afzanizam told Bernama.
At the opening, the ringgit traded higher against a basket of major currencies.
It strengthened against the British pound to 5.3929/4054 from 5.4013/4079 at last Friday's close, appreciated against the euro to 4.6526/6634 from 4.6605/6662, and edged up against the Japanese yen to 2.5258/5318 from 2.5283/5316 previously.
The local currency traded mixed against regional peers.
It strengthened against the Singapore dollar to 3.1560/1639 from 3.1581/1625 at last Friday's close, was little changed against the Indonesian rupiah at 227.9/228.6 from 227.9/228.3, and was unchanged against the Philippine peso at 6.66/6.68 from 6.66/6.67.
The ringgit also appreciated against the Thai baht to 12.2284/2627 from 12.2445/2643 previously.
