Ringgit closes higher versus US dollar

KUALA LUMPUR: The ringgit closed higher against the US dollar today amid encouraging global oil prices, said dealers.
At 6 pm, the local note was quoted at 3.8890/8920 versus the greenback from 3.8910/8980 last Thursday.
The local foreign exchange market was closed on Friday for the Lunar festival.
OANDA Corp Head of Trading for Asia-Pacific Stephen Innes said the ringgit could appreciate o RM3.87 per dollar and below if the upward momentum continued.
"Traders will then set their sights on the critical RM3.85 per dollar level.
The benchmark Brent crude rose 0.63 per cent to US$65.25 per barrel, an increase that was seen across the board for all categories of crude.
One dealer told Bernama that oil prices extended gains on Monday but the increases was limited as the US dollar recaptured some ground after touching its lowest level in more than three years.
Meanwhile, US financial markets were closed on Monday for the Presidents Day holiday.
The ringgit also strengthened against a basket of major currencies.
It rose against the Singapore dollar to 2.9619/9660 from Thursday's 2.9659/9724 and appreciated against the yen to 3.6472/6510 from 3.6559/6635 previously.
The local unit was up against the British pound at 5.4508/4554 from 5.4704/4818 on Thursday and garnered against the euro to 4.8259/8311 from 4.8583/8678, previously. — Bernama