KUALA LUMPUR, June 23 — The ringgit was slightly higher against the US dollar in the early session today as market sentiment for the local note was lifted by higher oil prices.
At 9.18am, the ringgit was quoted at 4.2750/2850 against the US dollar compared with 4.2770/2850 at the close yesterday.
A dealer said global oil prices have been showing signs of improving on the back of tightening global supplies, with countries opening up their economies.
“The global oil price has the potential to reach as high as US$50 per barrel by year-end, and higher global oil prices will be good for Malaysia’s oil and gas revenue,” he added.
Meanwhile, the ringgit performed mostly lower against major benchmark currencies except the Singapore dollar, versus which it rose to 3.0621/0704 from 3.0657/0717 yesterday.
It decreased against the yen to 4.0028/0133 from 3.9987/9080, declined against the British pound to 5.3211/3344 from 5.3035/3151 and was lower against the euro at 4.8060/8189 from 4.7954/7052. — Bernama
