Ringgit Gains Against Yen, Euro Amid US Dollar Surge

The ringgit strengthened against several major currencies today, including the yen and euro, as the US dollar gained ground in the wake of elevated crude oil prices following the reopening of the Strait of Hormuz.

According to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, the US dollar index (DXY) rose by 0.27 per cent to 99.811 points due to US President Donald Trump's stance on Iran's compensation demand.

The ringgit traded at 4.0900/0975 against the greenback, up from yesterday's close of 4.0885/0930, while rising against the Japanese yen to 2.5696/5746 and strengthening against the euro to 4.7223/7310.

However, the local currency eased vis-a-vis the British pound to 5.5260/5361 from 5.5170/5231 previously.