Ringgit Soars on Oil Prices, Geopolitical Concerns

The ringgit opened higher against the US dollar on Wednesday due to easing Brent crude oil prices and geopolitical concerns.

Brent crude hovered below $100 per barrel at $99.25, supporting the foreign exchange market.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that prevailing crude oil prices were a key factor in the ringgit's performance.

The ringgit traded higher against major currencies, including the euro, British pound, and Japanese yen.