The local currency strengthens to 3.9655/3.9710 as US-Iran talks are reported to be in their final stages.
KUALA LUMPUR: The ringgit opened firmer against the US dollar on Thursday, supported by easing geopolitical tensions in the Middle East. At 8am, the local currency strengthened to 3.9655/3.9710 against the greenback from Wednesday’s close of 3.9675/3.9715.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said crude oil prices eased after US president Donald Trump indicated that negotiations between the US and Iran were nearing completion. He said West Texas Intermediate and Brent crude prices fell 0.82% and 5.46% to US$107.77 per barrel and US$105.20 per barrel, respectively.
“This has raised hopes that the Strait of Hormuz will soon reopen, allowing the free flow of oil, gas and other goods,” he added. Afzanizam said the US Dollar Index declined 0.21% to 99.122 points despite minutes of the Federal Open Market Committee meeting showing policymakers remained inclined to raise interest rates, with inflation expected to stay above the two per cent target for an extended period. At the opening, the ringgit traded lower against a basket of major currencies.
The local currency depreciated against the British pound to 5.3265/5.3338 from 5.3089/5.3143 at Wednesday’s close, weakened against the euro to 4.6091/4.6155 from 4.5975/4.6022 previously, and eased against the Japanese yen to 2.4954/2.4991 from 2.4942/2.4969. Against regional currencies, the ringgit traded mixed. It weakened against the Thai baht to 12.1723/12.1963 from 12.1341/12.1516 and slipped against the Singapore dollar to 3.1027/3.1072 from 3.0969/3.1003 previously.
However, the local currency appreciated against the Indonesian rupiah to 224.6/225.0 from 224.7/225.0 previously and strengthened against the Philippine peso to 6.42/6.44 from 6.43/6.44 previously.
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