Ringgit gains momentum, beating dollar, euro and pound as crude oil worries fade

KUALA LUMPUR, Sept 18 — At the close of Friday, the Malaysian ringgit gained momentum, surpassing the US dollar, euro, and pound as concerns over crude oil supply eased, according to an analyst. By 6pm, the local currency climbed to 4.0795/0840 against the greenback from Thursday's close of 4.0965/1010. Analyst Dr Mohd Afzanizam Abdul Rashid, from Bank Muamalat Malaysia Bhd, attributed the currency's rise to the fall in Brent crude prices amid expectations of improved conditions in the Strait of Hormuz.

This was due to Saudi Arabia restoring the damaged East-West pipeline and several tankers continuing to navigate the Straits of Hormuz, Bernama reported. By the close, the ringgit strengthened against the euro to 4.6849/6901, rose against the Japanese yen to 2.5829/5860, and advanced against the British pound to 5.4543/4603. The local note also traded higher against its Asean peers, including the Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.