adminKUALA LUMPUR: The ringgit closed higher against the US dollar, other major currencies and ASEAN currencies on Wednesday following news reports stating that the International Energy Agency (IEA) has proposed releasing oil reserves which could help stabilise global crude oil prices.
At 6pm, the ringgit rose to 3.9175/9230 against the US dollar from 3.9200/9260 at Tuesday’s close.
Bank Muamalat Malaysia Bhd Chief Economist, Dr Mohd Afzanizam Abdul Rashid said the IEA proposal was made amid concerns that the closure of the Strait of Hormuz would affect crude oil supplies.
“This situation largely depends on how long the military conflict continues. Therefore, easing tensions is something the world needs at this time,” he told Bernama.
At the time of writing, the price of Brent crude oil increased by 4.24 percent to US$91.52 per barrel.
At the close, the ringgit rose against the Japanese yen to 2.4719/4755 from 2.4859/4899 at Tuesday’s close, gained against the British pound to 5.2545/2619 from 5.2744/2824 and surged against the euro to 4.5412/5475 from 4.5668/5738.
The ringgit is also trading higher against most ASEAN currencies.
It rose against the Singapore dollar to 3.0754/0800 from 3.0806/0855, rose against the Thai baht to 12.3386/3637 from 12.3941/4205 and surged against the Indonesian rupiah to 232.0/232.4 from 232.4/232.9.
Meanwhile, the ringgit also strengthened against the Philippine peso to 6.62/6.64 from 6.65/6.67 at Tuesday’s close.
— BERNAMA
