Ringgit slightly higher against greenback, supported by low oil prices

 The local currency is pegged at 4.0855/4.0950 as the US and Iran continue negotiations.

KUALA LUMPUR:

The ringgit was slightly higher against the US dollar on Monday as the domestic unit continues to be well-supported with lower crude oil prices.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said West Texas Intermediate and Brent crude prices were hovering around US$69.87 per barrel and US$72.46 per barrel, while the United States and Iran are expected to continue negotiations.

At 8am, the local currency was pegged at 4.0855/4.0950 against the greenback from last Friday’s close of 4.0860/4.0910.

“Shipping continues in the Straits of Hormuz, which suggests that oil shortages could be resolved soon. On that note, expect the US dollar/ringgit (pair) to revolve around RM4.08 to RM4.10 today,” Afzanizam added.

At the opening, the ringgit traded higher against a basket of major currencies.

It advanced against the British pound to 5.3929/5.4054 from 5.4013/5.4079 at Friday’s close, rose versus the euro to 4.6526/4.6634 from 4.6605/4.6662 and was marginally higher vis-à-vis the Japanese yen at 2.5258/2.5318 from 2.5283/2.5316 previously.

The local note was traded mixed against regional currencies.

It appreciated against the Singapore dollar to 3.1560/3.1639 from 3.1581/3.1625 on Friday’s close, was almost flat versus the Indonesian rupiah at 227.9/228.6 from 227.9/228.3, and was flat against the Philippine peso at 6.66/6.68 from 6.66/6.67.

The local note increased versus the Thai baht to 12.2284/12.2627 from 12.2445/12.2643 previously. - FMT