The ringgit opened higher against the US dollar today as the currency market slowly returned to stability, dealers said.

At 9.05am, the local unit was at RM4.0640/0700 against US$1, from Monday's RM4.0725/0785 on the greenback.

Hong Leong Investment Bank said in a note that after two days of indiscriminate selling, investors had become more rational and this saw orderlyconditions prevailing, amid optimism that major central banks would commit to containing fallout from the shock exit of the United Kingdom from the European Union (Brexit).

Another dealer said the improved ringgit was also helped by the rebound in oil prices, which saw the benchmark Brent Crude futures improving by three percent to US$48.58 per barrel.

Against other major currencies, the ringgit traded higher.

It rose against the Singapore dollar to RM3.0001/0068 from RM3.0044/0091 yesterday and appreciated against the yen to RM3.9660/9750 from RM3.9872/0962.

The local unit was also firmer against the British pound at RM5.4072/4172 from RM5.4152/4244 and strengthened versus the euro to RM4.4972/5043 from 4.5013/5088.

- Bernama