Commodities
Ringgit Poised for Rally as Oil Prices Rise
The Malaysian ringgit may be due for a rally as higher oil prices and the growing demand for artificial intelligence provide support for the currency, according to strategists.
MUFG Bank expects the ringgit to strengthen to 4.03 per dollar by year-end, while Sumitomo Mitsui Banking Corp. sees it at 4.0.
The ringgit had declined 1.2% in September, but closed 0.3% higher at 4.0738 per dollar on Friday.
The renewed climb in oil prices may boost revenues for Malaysia, which is an energy-exporting country, while the country's growing role in the AI supply chain gives it exposure to rising demand for semiconductors.