Reports saying the International Energy Agency may release oil reserves to stabilise crude prices provided some relief for global currencies, says an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the IEA proposal comes amid concerns that a closure of the Strait of Hormuz would compromise crude oil supplies.
“The situation largely depends on how long the military conflict continues. Hence, de-escalation is something the world needs at the moment,” he told Bernama.
At the time of writing, the price of Brent crude rose 4.24% to US$91.52 per barrel.
At 6pm, the local currency rose to 3.9175/3.9230 against the greenback from Tuesday’s close of 3.9200/3.9260.
At the close, the ringgit rose against the Japanese yen to 2.4719/2.4755 from 2.4859/2.4899 at Tuesday’s close, climbed against the British pound to 5.2545/5.2619 from 5.2744/5.2824, and was firmer against the euro at 4.5412/4.5475 from 4.5668/4.5738.
The local note also traded higher against most Asean currencies.
It edged up against the Singapore dollar to 3.0754/3.0800 from 3.0806/3.0855, gained against the Thai baht to 12.3386/12.3637 from 12.3941/12.4205, and was slightly higher against the Indonesian rupiah at 232.0/232.4 from 232.4/232.9. The ringgit climbed against the Philippine peso to 6.62/6.64 from 6.65/6.67 on Tuesday. - FMT
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