Ringgit Strengthens Against Most Currencies Amid Rising Oil Prices

The Malaysian ringgit strengthened against most major and Asean currencies on Monday at market close.

However, it depreciated slightly against the US dollar due to rising Brent crude prices, which have reached around $107 per barrel.

This upward trend in oil prices has added to inflationary pressures, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

In anticipation of the upcoming Federal Open Market Committee (FOMC) and Bank of Japan (BOJ) interest rate decisions, Asian currencies including the ringgit are expected to remain cautious in the near term.