Ringgit ends higher on easing oil supply concerns
Brent crude prices fell on expectations of improving conditions in the Strait of Hormuz, says analyst.
The Malaysian ringgit closed higher today, lifted by a decline in Brent crude prices amid easing concerns over crude oil supply, according to an analyst. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid explained that this was due to Saudi Arabia's decision to restore the damaged East-West pipeline and the continued movement of some tankers through the Strait of Hormuz.
By 6 PM, the ringgit appreciated to 4.0795/4.0840 against the US dollar, from a previous close of 4.0965/4.1010. The local currency also rose against the euro, Japanese yen, British pound, Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah, trading at various rates throughout the day.
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- Ringgit ends higher on easing oil supply concerns freemalaysiatoday.com
