Ringgit Climbs as Oil Supply Concerns Ease

The Malaysian ringgit strengthened against several major currencies at its closing price yesterday due to improved market sentiment related to easing oil supply concerns.

Brent crude prices fell following expectations of better conditions in the Strait of Hormuz, which was partly attributed to Saudi Arabia's decision to restore the damaged East-West pipeline and some tankers continuing to traverse the Straits of Hormuz.

The local currency rose to 4.0795/0840 against the US dollar from yesterday's close of 4.0965/1010, and also appreciated against other major currencies including the euro, Japanese yen, British pound, Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.