The ongoing ceasefire and the potential reopening of the Strait of Hormuz continue to influence sentiment, says analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said markets remained fixated on developments in Iran, with the ongoing ceasefire and the potential reopening of the Strait of Hormuz continuing to influence sentiment.
However, he said some level of uncertainty has led to higher oil prices, with West Texas Intermediate (WTI) and Brent crude rising by 1.73% and 1.83% to US$99.56 (RM394.76) per barrel and US$97.69 (RM387.34) per barrel, respectively.
“In addition, the US Dollar Index (DXY) edged up 0.11% to 98.932 points and has remained below the 100-point level for the past few days,” he told Bernama, adding that currency markets are reacting to these developments.
He added that the ringgit maintained its upward momentum throughout the day, even as most regional currencies traded weaker against the US dollar.
At 6pm, the local currency appreciated to 3.9625/3.9680 against the US dollar from 3.9795/3.9845 at yesterday’s close.
At the close, the ringgit traded higher against a basket of major currencies.
It rose against the British pound to 5.3248/5.3322 from 5.3337/5.3404, improved against the Japanese yen to 2.4882/2.4918 from 2.5028/2.5061, and strengthened against the euro to 4.6401/4.6465 from 4.6457/4.6515 at yesterday’s close.
At the same time, the local currency also traded higher against Asean currencies.
It appreciated versus the Singapore dollar to 3.1093/3.1139 from 3.1204/3.1246, accumulated against the Indonesian rupiah to 231.6/232.0 from 232.8/233.2, increased against the Thai baht to 12.3289/12.3525 from 12.3976/12.4201 and improved against the Philippine peso to 6.60/6.62 from 6.66/6.67 previously. - FMT
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