KUALA LUMPUR: The ringgit opened higher against the US dollar for the third consecutive day today, riding firmer crude oil prices.
At 9.01am, the local unit was traded 120 basis point higher at 4.0610/0670 against the greenback, from 4.0730/0750 at Thursday's close.
After a series of meetings over the week, OPEC+ had, on Thursday, agreed to raise oil production by 500,000 barrels per day beginning January next year.
According to CNBC, markets reacted positively towards the news, as they view the small increase of supply as not being deadly for balances.
At the time of writing, the benchmark Brent crude rose 0.66 per cent to US$49.03 per barrel. And every US$1 per barrel increase in oil prices will add about RM300 million to Malaysia's revenue.
At the opening bell, the ringgit was traded mostly lower against other major currencies, except the Singapore dollar.
It went down against the yen to 3.9120/9189 from 3.9058/9081 at Thursday's close, declined against the pound to 5.4645/4746 from 5.4586/4617, and slipped against the euro to 4.9333/9422 from 4.9328/9360.
Vis-a-vis the Singapore dollar, the ringgit was nearly unchanged at 3.0440/0496 from 3.0441/0467 at the close on Thursday. - Bernama
