Ringgit ends higher against Asean currencies, lower versus US dollar
KUALA LUMPUR: The ringgit closed higher on Thursday against most Asean currencies, but lower against the US dollar amid a renewed surge in oil prices and escalating geopolitical tensions in Middle East, an analyst said.
The Malaysian ringgit finished higher against several Southeast Asian currencies on Thursday, but dipped versus the U.S. dollar, according to an analyst. At the close of trade, the ringgit slipped to 4.0890/0940 against the greenback, from Wednesday's closing rate of 4.0850/0895. Analyst Dr Mohd Afzanizam Abdul Rashid of Bank Muamalat Malaysia Bhd cited a 4.08% surge in crude oil prices, reaching US$104.29 per barrel, and ongoing Middle East conflict as the reasons for the ringgit's decline.
He noted that concerns over fiscal sustainability in Europe, particularly France, have also contributed to a stronger U.S. dollar. The analyst suggested that traders are seeking refuge from uncertainties during such volatile times. The ringgit's performance varied against other major currencies; it rose against the British pound, strengthened against the euro, but fell against the Japanese yen.
It also traded mostly higher against currencies of its Asean counterparts, including the Singapore dollar, Philippine peso, and Thai baht.
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- Ringgit eases versus US dollar, ends higher against Asean currencies freemalaysiatoday.com
- Ringgit slips against US dollar, gains on most Asean currencies malaymail.com
