Ringgit ends higher on easing oil supply concerns

 Brent crude prices fell on expectations of improving conditions in the Strait of Hormuz, says analyst.

KUALA LUMPUR:

The ringgit strengthened against the US dollar and other major currencies at today’s close, buoyed by improved market sentiment following easing concerns over crude oil supply, an analyst said. 

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said Brent crude prices fell on expectations of improving conditions in the Strait of Hormuz.

“This followed Saudi Arabia’s move to restore the damaged East-West pipeline. At the same time, some tankers have continued to traverse the Strait of Hormuz,” he told Bernama.

At 6pm, the local currency rose to 4.0795/4.0840 against the greenback from yesterday’s close of 4.0965/4.1010.

At the close, the ringgit gained against the euro to 4.6849/4.6901 from yesterday’s close of 4.7003/4.7055, rose versus the Japanese yen to 2.5829/2.5860 from 2.6305/2.6336, and advanced vis-a-vis the British pound to 5.4543/5.4603 from 5.4877/5.4937 previously.

The local note also traded higher against its Asean peers.

The ringgit inched up versus the Singapore dollar to 3.1933/3.1971 from 3.2099/3.2137 at yesterday’s close and improved against the Thai baht to 12.2383/12.2562 from 12.2734/12.2917 previously.

It also appreciated vis-à-vis the Philippine peso to 6.50/6.51 from 6.53/6.54 and climbed versus the Indonesian rupiah to 229.7/230 from 230.7/231.1. - FMT