The ringgit was supported by the ceasefire and prospects of reopening the Strait of Hormuz, which could stabilise oil supply and ease energy prices, says an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said following the ceasefire the ringgit was supported by the prospects of reopening the Strait of Hormuz, which could stabilise oil supply and ease energy prices.
“These developments could provide some temporary respite to the market amid heightened economic uncertainties following the shock from the conflict in the Middle East,” he told Bernama.
While uncertainties remain high, Afzanizam said Iran’s willingness to budge is a positive signal for future negotiations.
At 6pm, the local note appreciated to 3.9735/3.9785 against the US dollar from 4.0275/4.0320 at Tuesday’s close, marking a return to below the 4.00 psychological level, with a day-to-day appreciation of 1.31%.
At the close, the ringgit traded higher against a basket of major currencies.
It rose against the euro to 4.6407/4.6465 from 4.6566/4.6618, appreciated against the British pound to 5.3348/5.3415 compared with 5.3425/5.3484, and rose against the Japanese yen to 2.5071/2.5104 from 2.5229/2.5258.
At the same time, the local currency traded mostly higher against Asean currencies.
It was higher versus the Singapore dollar at 3.1155/3.1199 from 3.1381/3.1419, and appreciated against the Indonesian rupiah to 233.5/233.9 from 235.4/235.8.
Meanwhile, the ringgit was almost unchanged versus the Philippine peso at 6.68/6.70 and slid against the Thai baht to 12.4056/12.4282 from 12.3809/12.4021 previously. - FMT
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