Ringgit eases versus US dollar, ends higher against Asean currencies
Elevated Brent crude prices and concerns over fiscal sustainability in Europe have strengthened the US dollar as traders sought safe-haven assets amid uncertainty, says an analyst.
Kuala Lumpur observed the ringgit closing higher on Thursday against most Southeast Asian currencies, yet lower against the US dollar, as oil prices surged and Middle East tensions escalated, according to an analyst. By 6 pm, the ringgit slipped to 4.0890/4.0940 against the greenback from Wednesday’s closing range of 4.0850/4.0895.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid cited a 4.08% rise in Brent crude to US$104.29 per barrel, driven by expectations of a prolonged Middle East conflict. He added that concerns over fiscal sustainability in Europe, particularly France, contributed to a stronger US dollar, prompting traders to seek refuge amid uncertainties.
By the close, the ringgit fluctuated against a range of currencies: it rose versus the British pound, strengthened versus the euro, but eased versus the Japanese yen. The ringgit traded mostly higher against Asean peers, edging up against the Singapore dollar, appreciating against the Philippine peso, but weakening against the Thai baht.
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.
