Ringgit Trades Mixed Against Major Currencies Amid Rising Oil Prices
The Malaysian ringgit experienced a mixed performance against major currencies on September 11, influenced by rising crude oil prices and expectations of an interest rate hike by the US Federal Reserve.
Rising Brent crude oil prices to around $104.64 per barrel due to heightened geopolitical tensions pushed the greenback higher, causing the local currency to depreciate to 4.0685/0725 against the US dollar from yesterday's close of 4.0630/0670, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.
The ringgit, however, appreciated against most major and regional currencies. It strengthened against the euro to 4.7178/7225 from yesterday's 4.7269/7315, appreciated against the Japanese yen to 2.6400/6428 from 2.6431/6459, and rose against the British pound to 5.4961/5015 from 5.5046/5100 previously.
The ringgit also traded higher against Asean currencies, strengthening against the Singapore dollar to 3.2091/2125 from 3.2113/2148, appreciating against the Thai baht to 12.3072/3241 from 12.3331/3497, and rising against the Indonesian rupiah to 231.0/231.3 from 231.5/231.8 yesterday.