Ringgit Rides Oil Price Dip Amid Geopolitical Calm

The ringgit started Wednesday on a positive note against the US dollar, benefiting from lower oil prices and reduced geopolitical tensions.

Brent crude oil hovered below $100 per barrel at $99.25, according to Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid. The easing of crude oil prices has had a supportive effect on the foreign exchange market, he said.

The ringgit traded higher against a basket of major currencies, gaining against the euro and British pound. It also appreciated against the Japanese yen and firmed up against its Asean peers, including the Singapore dollar and Thai baht.