Ringgit slips against US dollar, gains on most Asean currencies

KUALA LUMPUR, Oct 8 — The Malaysian ringgit experienced a mixed performance against major currencies on Thursday, closing higher against most of the Association of Southeast Asian Nations (ASEAN) currencies but lower against the US dollar, according to an analyst. The ringgit fell to 4.0890/0940 against the US dollar, down from its previous close of 4.0850/0895.

Brent crude oil prices surged by 4.08% to reach US$104.29 per barrel, driven by the expectation of a prolonged conflict in West Asia, which contributed to the ringgit's decline against the greenback. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid explained that the stronger US dollar, prompted by fiscal concerns in Europe, particularly in France, also played a role in the ringgit's performance.

Traders appeared to be seeking refuge from uncertainties in the market. The local currency showcased varying trends against major currencies, including the British pound, euro, Japanese yen, Singapore dollar, and Philippine peso, while weakening against the Thai baht.