Ringgit Rises as Crude Oil Worries Ease
The Malaysian ringgit strengthened against major currencies last Friday, driven by improved market sentiment following easing concerns over crude oil supply. The local currency rose to 4.0795/0840 versus the US dollar from Thursday's close of 4.0965/1010.
Brent crude prices fell on expectations of improving conditions in the Strait of Hormuz, according to Dr Mohd Afzanizam Abdul Rashid, Bank Muamalat Malaysia Bhd chief economist. Saudi Arabia had restored the damaged East-West pipeline, while some tankers continued to traverse the Straits of Hormuz.
The ringgit gained against other currencies as well, including the euro, Japanese yen, British pound, Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.
At Friday's close, the local currency rose to 4.6849/6901 versus the euro from Thursday's close of 4.7003/7055, and reached 2.5829/5860 against the Japanese yen from 2.6305/6336 yesterday.