Ringgit closes flat against US dollar, higher against other currencies

 The ringgit traded in a narrow range as fading hopes of resolving the Iran conflict pushed oil prices higher, says an analyst.

KUALA LUMPUR:

 The ringgit closed higher against major and regional currencies but was flat against the US dollar today amid cautious sentiments over rising crude oil prices.

At 6pm, the local currency stood at 3.9505/3.9550 against the greenback from 3.9505/3.9545 at yesterday’s close.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit traded within a narrow range as hopes for a resolution to the Iran conflict waned, pushing crude oil prices higher.

He said West Texas Intermediate (WTI) and Brent crude prices rose by 2.55% and 2.74% to US$98.83 per barrel and US$111.20 per barrel, respectively.

“Investors will also monitor the Federal Open Market Committee (FOMC) as it begins its two-day meeting today,” he told Bernama.

This week will also see a high-stakes sequence of policy decisions from the Bank of Japan, the US Federal Reserve, the European Central Bank and the Bank of England.

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

It appreciated against the euro to 4.6189/4.6242 from 4.6387/4.6434 at the close on Monday, strengthened versus the Japanese yen to 2.4756/2.4785 from 2.4810/2.4837 yesterday, and rose against the British pound to 5.3292/5.3353 from 5.3525/5.3580 previously.

At the same time, the local currency also strengthened against regional peers.

It advanced against the Singapore dollar to 3.0943/3.0983 from 3.1018/3.1052 at Monday’s close and increased against the Thai baht to 12.1494/12.1685 from 12.2129/12.2309 yesterday.

It also gained against the Indonesian rupiah to 229.1/229.4 from 229.5/229.8 yesterday, and appreciated against the Philippine peso to 6.44/6.46 from 6.50/6.51 previously.  - FMT