Ringgit Rallies on Oil Price Drop and Diplomatic Progress

The Ringgit opened higher against major currencies on Tuesday, supported by improved market sentiment. Easing global oil prices and diplomatic developments in West Asia contributed to this positive trend.

Brent crude oil prices fell 3.4% to $100.34 per barrel after Saudi Arabia increased its crude oil exports through the Strait of Hormuz.

This development, along with US President Donald Trump's willingness to meet Iranian President Hassan Rouhani during the United Nations General Assembly this week, suggests some positive progress regarding the war in West Asia.

The Ringgit appreciated against several major currencies, including the euro, British pound, and Japanese yen. However, it traded mixed against its ASEAN peers.