Ringgit Rises as US Dollar Index Continues to Climb Amid Crude Oil Price Hike

The Malaysian ringgit has strengthened against several major currencies, including the Japanese yen and euro, as the US dollar index continues to rise amid elevated crude oil prices.

The US dollar index (DXY) is currently up 0.27 per cent at 99.811 points, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

This increase in the DXY has pushed the ringgit higher against several currencies, including a rise to 2.5696/5746 against the Japanese yen from Monday's close of 2.5736/5766.

The local currency also strengthened against the euro to 4.7223/7310 from 4.7247/7299 at yesterday's close, while trading mostly higher against a basket of major currencies.