Ringgit Surges on Easing Oil Prices, Geopolitical Developments

The Malaysian ringgit opened higher against the US dollar on Wednesday, supported by easing Brent crude oil prices and geopolitical concerns.

Brent crude hovered below $100 per barrel at $99.25, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

The ringgit rose to 4.0680/0765 against the greenback from Tuesday's close of 4.0730/0775, and traded higher against a basket of major currencies, including the euro, British pound, and Japanese yen.