Ringgit opens firmer against US$, supported by oil prices

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KUALA LUMPUR: The ringgit prolonged its firmer place from final Friday to open higher against the US greenback, supported by increased oil prices, analysts mentioned.

At 9.04 am, the native notice stood at 4.1985/2030 versus the dollar in contrast with 4.2005/2040 yesterday.

An analyst mentioned Brent crude remained above the US$100 per barrel, buying and selling presently 4.0 per cent increased at US$101.85 per barrel.

“While most rising market currencies are easing against the US greenback because of its safe-haven attributes following the intensified battle in Ukraine, the ringgit bucked the pattern, thanks to raised oil prices which additionally led to elevated international fund movement into the nation,” she informed Bernama.

According to an MIDF Research Fund Flow report, worldwide funds have up to now this 12 months been web patrons on Bursa Malaysia for six out of eight weeks.

Foreign traders and native retailers have been web patrons for the week ended Feb 25, which noticed web influx amounted to RM867.7 million, on the again of favour for commodities gamers; plantation and vitality sectors.

Meanwhile, the ringgit was traded increased against a basket of different main currencies.

It gained versus the Singapore greenback to three.0910/0948 from 3.1016/1044 on the shut final Friday, and appreciated vis-a-vis the British pound to five.6147/6207 from 5.6177/6224.

The native foreign money improved against the yen to three.6322/6364 from 3.6422/6455 and elevated against the euro to 4.6935/6985 from 4.6966/7005 beforehand. – Bernama



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