Ringgit Strengthens Against US Dollar on Eased Oil Prices

The ringgit opened higher against the US dollar on Friday as easing concerns over West Asian oil supply lifted market sentiment, analysts say.

The local currency appreciated to 4.0955/1015 against the greenback from Thursday's close of 4.0965/1010.

According to Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, market sentiment was lifted after Saudi Arabia reportedly began restoring its damaged East-West pipeline and tanker movements through the Strait of Hormuz continued.

This led to a decline in Brent crude oil prices by 0.95% to $104.82 per barrel, while US Treasury yields fell with the two- and 10-year notes dropping seven basis points each to 4.67% and 4.94%, respectively.