The local note climbs to 3.9550/3.9760, driven by optimism over potential US-Iran ceasefire talks.
KUALA LUMPUR: The ringgit extended its upward momentum, opening higher against the US dollar for a third consecutive day on Thursday, as market sentiment continued to hinge on prospects of a ceasefire between the United States and Iran.
At 8am, the local currency strengthened to 3.9550/3.9760 against the greenback from Wednesday’s close of 3.9620/3.9670. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit traded steadily against the greenback as the market awaits the eventual outcome of possible US-Iran talks. “Market participants are nevertheless still wary whether the war will end soon, while globally, countries are grappling with rising fuel prices,” he noted. Afzanizam said Brent crude oil price was 1.21% lower at US$103.23 per barrel, while the spot gold prices inched up 0.68% to US$4,506 per troy ounce. “Additionally, US equities were slightly higher while the US Dollar Index continues below the 100-point level,” he said. Meanwhile, SPI Asset Management managing partner Stephen Innes said fears are growing in the currency market amid rising speculation of a US move on Kharg Island to seize control of Iranian oil flows. “This is effectively creating a de facto embargo after Tehran rejected Washington’s 15-point ceasefire proposal,” he added. The ringgit opened higher against a basket of other major currencies. It rose versus the Japanese yen to 2.4813/2.4948 from 2.4935/2.4969 at Wednesday’s close, edged up against the British pound to 5.2847/5.3127 from 5.3087/5.3154, and appreciated vis-à-vis the euro to 4.5728/4.5971 from 4.5963/4.6021 at yesterday’s close. The local currency also trended stronger against Asean currencies. It gained against the Singapore dollar to 3.0869/3.1038 from 3.0965/3.1007 at the previous close, strengthened versus the Thai baht at 12.0645/12.1375 from 12.1336/12.1557, increased vis-a-vis the Indonesian rupiah to 233.8/235.2 from 234.2/234.6, and advanced against the Philippine peso at 6.58/6.62 from 6.59/6.60 previously.
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