Ringgit opens higher against US dollar as oil prices ease

KUALA LUMPUR: The ringgit opened higher against the US dollar and a basket of major currencies on Friday, supported by improved market sentiment as easing West Asia crude oil supply concerns lifted risk appetite.

At 8 am, the local note increased to 4.0955/1015 against the greenback from Thursday’s close of 4.0965/1010.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said market sentiment was lifted after Saudi Arabia reportedly began restoring its damaged East-West pipeline, while tanker movements through the Strait of Hormuz continued, easing immediate concerns over supply.

"As a result, Brent crude oil prices fell 0.95 per cent to US$104.82 per barrel, while US Treasury yields declined, with the two- and 10-year notes falling seven basis points each to 4.67 per cent and 4.94 per cent, respectively.