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Commodities

Ringgit Gains as Oil Prices Ease, Geopolitics Unwind

Guavy AI Editorial Team
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Oil
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The ringgit opened higher against the US dollar on Wednesday, benefiting from lower oil prices and easing geopolitical tensions. At 8 am, the currency rose to 4.0680/0765 against the greenback, up from Tuesday's close of 4.0730/0775.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the ringgit's strength to prevailing crude oil prices, which hovered below $100 per barrel at $99.25. The Brent crude price has been a supportive factor for the foreign exchange market, he noted.

The meeting between US and Iranian officials during the UN General Assembly was described as 'very good' by US President Donald Trump, raising hopes for progress towards a peace deal. However, Dr Mohd Afzanizam cautioned that the situation remains fluid.

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