KUALA LUMPUR, June 29 — The ringgit opened higher against the US dollar today as the currency market slowly returned to stability, dealers said. 

At 9.05am, the local unit was at 4.0640/0700 against the greenback from Monday’s 4.0725/0785.

Hong Leong Investment Bank said in a note that after two days of indiscriminate selling, investors had become more rational and this saw orderly conditions prevailing, amid optimism that major central banks would commit to containing fallout from the shock exit of the United Kingdom from the European Union (Brexit). 

Another dealer said the improved ringgit was also helped by the rebound in oil prices, which saw the benchmark Brent Crude futures improving by three per cent to US$48.58 per barrel. 

Against other major currencies, the ringgit traded higher.

It rose against the Singapore dollar to 3.0001/0068 from 3.0044/0091 yesterday and appreciated against the yen to 3.9660/9750 from 3.9872/0962.

The local unit was also firmer against the British pound at 5.4072/4172  from 5.4152/4244 and strengthened versus the euro to 4.4972/5043  from 4.5013/5088. — Bernama