Ringgit ends higher against greenback on easing oil supply concerns
KUALA LUMPUR: The ringgit strengthened against the US dollar and other major currencies at Friday's close, buoyed by improved market sentiment following easing concerns over crude oil supply, an analyst said.
KUALA LUMPUR: The Malaysian ringgit closed higher against the US dollar on Friday, lifted by improved market sentiment due to easing concerns over crude oil supply, according to an analyst. By 6pm, the local currency traded at 4.0795/0840 against the greenback, up from Thursday's close of 4.0965/1010. Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, pointed to a drop in Brent crude prices as a contributing factor.
The analyst noted this was due to expectations of better conditions in the Strait of Hormuz, following Saudi Arabia's decision to reopen the damaged East-West pipeline. Some tankers have continued to pass through the strait, he added, speaking to Bernama. At the close, the ringgit also strengthened versus the euro, Japanese yen, British pound, Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah, compared to its performance at Thursday's close.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
