Ringgit Rises Against Dollar Amid Lower Oil Prices and Easing Tensions

The Malaysian ringgit opened higher against the US dollar on Wednesday, bolstered by declining Brent crude oil prices and easing geopolitical concerns.

Brent crude hovered at $99.25 per barrel, below the psychological barrier of $100, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

While there was no clear indication from US Federal Reserve officials on monetary policy direction, futures contracts suggest a rate hike in October and December is still possible, with odds above 50% for each increase.

The ringgit traded higher against major currencies, including the euro, British pound, and Japanese yen, as well as most ASEAN peers, except the Philippine peso.