Ringgit gains against US dollar as easing oil prices lift market sentiment

The ringgit opened slightly higher against the US dollar and a basket of major currencies on Tuesday, as improved market sentiment was bolstered by easing global oil prices and geopolitical developments. Brent crude oil prices fell 3.4% to US$100.34 (RM409) per barrel after Saudi Arabia shifted its oil exports via the Strait of Hormuz following the shutdown of the East-West pipeline.

This development, coupled with US President Donald Trump's willingness to meet the Iranian President during the United Nations General Assembly, suggests positive developments in the West Asian situation. The ringgit showed gains against the euro, British pound, and Japanese yen, while trading mixed against Asean peers and remaining unchanged against the Philippine peso.

Brief written by urgent.news from Malay Mail's own syndicated text. Machine-written — may contain errors; check the original before relying on it.