Ringgit Opens Higher Against US Dollar

KUALA LUMPUR, Dec 6 (Bernama) -- The ringgit opened higher against the US dollar Tuesday on continued demand following Bank Negara Malaysia's (BNM) new measures to stabilise the local note. At 9.05 am, the ringgit strengthened to 4.4420/4470 against the greenback from Monday's 4.4470/4500. A dealer said the measures by BNM (Malaysia's Central Bank) had helped increase investor confidence with the ringgit expected to continue its uptrend. Last week, the central bank announced measures, which became effective Monday, to boost liquidity and spur more domestic trade of the ringgit. The better oil prices which stood at above $55 a barrel also lifted the ringgit to open higher. Meanwhile, the ringgit traded mostly lower against other major currencies. It depreciated against the Singapore dollar to 3.1317/1370 from Saturday's 3.1207/1232 and fell against the yen to 3.9109/9170 from 3.8934/8987. Against the euro, it was lower at 4.7774/7850 from 4.7285/7321 and declined against the British pound at 5.6542/6628 from 5.6486/6542. -- BERNAMA