Ringgit Rises as Oil Prices Ease, BOJ Decision Looms

The Malaysian ringgit rose against the US dollar and other major currencies on Friday morning as market sentiment improved due to easing concerns over crude oil supply in West Asia.

Brent crude oil prices fell by 0.95% to $104.82 per barrel, while US Treasury yields declined after Saudi Arabia reportedly began restoring its damaged East-West pipeline, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

The ringgit traded at 4.0955/1015 against the greenback, up from Thursday's close of 4.0965/1010.

Dr Afzanizam said that attention has now shifted to the Bank of Japan's monetary policy decision later in the day, with a consensus expecting a 25-basis-point increase in its policy rate to 1.25%.