KUALA LUMPUR: The ringgit erased yesterday's losses to open higher against the US dollar today on better buying support as higher global oil prices lifted the market.

At 9.06 am, the ringgit was quoted at 4.4870/4900 against the greenback compared with 4.4960/4990 on Wednesday.

A dealer said improving oil prices due to signs of falling crude inventories in the United States and output cut by the Organisation of the Petroleum Exporting Countries (OPEC) would boost Malaysia's oil and gas revenue.

"Some investors also saw opportunity when the ringgit fell to its 19-year low to touch 4.4980 against the greenback yesterday, as they believe the local currency will recoup its losses over the longer term, supported by higher commodity prices," he added.

Against a basket of major currencies, the ringgit was traded lower.

It fell against the Singapore dollar to 3.1216/1248 from 3.1099/1126 yesterday and declined against the yen to 3.8541/8584 from 3.8202/8231 on Wednesday.

The local unit weakened vis-a-vis the British pound to 5.5347/5407 from 5.5197/5239 recorded yesterday and was lower against the euro to 4.7248/7293 from 4.6929/6974 previously. - Bernama