Ringgit ends higher on easing oil supply concerns
Brent crude prices fell on expectations of improving conditions in the Strait of Hormuz, says analyst.
KUALA LUMPUR: The Malaysian ringgit closed higher today, as market sentiment improved due to easing concerns over crude oil supply, according to an analyst. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid attributed this to Saudi Arabia restoring the damaged East-West pipeline, which alleviated worries over the Strait of Hormuz.
Brent crude prices dropped, contributing to the currency's rise. By 6pm, the ringgit reached 4.0795/4.0840 against the US dollar, up from 4.0965/4.1010 the previous day. It strengthened against the euro, Japanese yen, British pound, Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah as well.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Ringgit ends higher on easing oil supply concerns freemalaysiatoday.com
