The West Asia conflict is expected to continue, raising concerns over potential oil supply disruptions, says analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid reckons that the conflict in West Asia would likely continue for the time being, leading to concerns about a disruption in oil supplies.
“The US Dollar Index (DXY) has reached 100.197 points as the Brent crude price climbed to US$101.15 (RM398.38) per barrel.
“Thus, the local currency was weaker against the US dollar by 0.28% to RM3.9370,” he told Bernama.
At the time of writing, Brent crude was 0.34% higher at US$100.80 (RM397.00) per barrel.
At 6pm, the local currency eased to 3.9365/3.9410 against the greenback from yesterday’s close of 3.9240/3.9280.
The ringgit improved against the Japanese yen to 2.4683/2.4715 from 2.4720/2.4746 at yesterday’s close, gained against the British pound to 5.2214/5.2273 from 5.2554/5.2608 and rose against the euro to 4.5093/4.5144 from 4.5361/4.5408.
The local currency also traded higher against most Asean currencies.
It was slightly higher against the Singapore dollar at 3.0730/3.0767 from 3.0786/3.0820 at yesterday’s close, increased against the Thai baht to 12.1862/12.2062 from 12.3257/12.3452 and edged up against the Indonesian rupiah to 232.1/232.5 from 232.2/232.6.
It climbed against the Philippine peso to 6.59/6.60 from 6.60/6.62 previously. - FMT
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