Ringgit Rises on Easing Oil Prices and Geopolitical Developments

The ringgit opened higher against the US dollar and major currencies on Tuesday, driven by improved market sentiment due to easing global oil prices and geopolitical developments.

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 to about 2.9 million barrels per day.

Dr. Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, said this development suggests some positive movement with respect to the war in West Asia.

The ringgit edged up to 4.0750/0805 against the greenback from Monday's close of 4.0755/0800 and gained against a basket of major currencies, including the euro, British pound, and Japanese yen.