Ringgit Rises on Easing Oil Prices and Geopolitical Tensions

The Malaysian ringgit opened higher against the US dollar on September 23, driven by easing Brent crude oil prices and geopolitical concerns.

Brent crude was trading at $99.25 per barrel, below the critical threshold of $100.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that prevailing crude oil prices were supporting the foreign exchange market.

The ringgit traded higher against a basket of major currencies, including the euro, British pound, and Japanese yen, but was slightly lower against the Philippine peso.