Ringgit eases versus US dollar, ends higher against Asean currencies

KUALA LUMPUR: The Malaysian ringgit ended higher on Thursday against most Southeast Asian currencies, but saw a decline against the US dollar due to surging oil prices and heightened geopolitical tensions in the Middle East, according to an analyst. By 6 pm, the ringgit slipped to 4.0890/4.0940 against the US dollar, down from Wednesday's closing rate of 4.0850/4.0895.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid attributed the drop to a 4.08% increase in Brent crude prices to $104.29 per barrel, driven by concerns of a prolonged conflict in the Middle East. He noted that fiscal instability in Europe, particularly in France, has also contributed to the strengthening US dollar, as traders seek safety amid uncertainty.

The ringgit fluctuated throughout the trading day against a range of currencies. It rose against the British pound to 5.3930/5.3996, strengthened against the euro to 4.5719/4.5775, but fell against the Japanese yen to 2.5834/2.5867. Against other Asean currencies, the ringgit increased against the Singapore dollar to 3.1893/3.1934 and against the Philippine peso to 6.50/6.51, while weakening against the Thai baht to 12.1371/12.1563.