Ringgit Ends Firmer Against US Dollar On Stronger Oil Prices

By Abdul Hamid A Rahman

KUALA LUMPUR, Oct 23 (Bernama) -- The ringgit closed marginally higher against the US dollar today, supported by firmer crude oil prices amid supply concerns following sanctions imposed by the United States and the European Union on a major Russian oil producer.

At 6 pm, the ringgit appreciated to 4.2250/2285 against the US dollar from 4.2280/2325 at Wednesday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said as Malaysia is a net oil and gas exporter, the situation favoured the ringgit, which traded on a firmer note today.

“Brent crude oil prices have risen to US$64.73 per barrel as sanctions heightened fears of supply disruption.

“Meanwhile, the US dollar-ringgit pair was quoted at RM4.23 during the morning session before improving to around RM4.22 later in the day,” he told Bernama.

He added that regional currencies were mixed as traders digested recent developments, including uncertainty caused by the ongoing US government shutdown, which has limited access to key data ahead of the US Federal Open Market Committee (FOMC) meeting on Oct 28-29.

At the close, the ringgit traded mostly higher against major currencies.

It gained against the euro to 4.8976/9017 from 4.9019/9072, and strengthened against the Japanese yen to 2.7687/7712 from 2.7849/7880 at Wednesday’s close.

Meanwhile, it weakened against the British pound to 5.6395/6442 from 5.6309/6368.

The local note also traded mostly higher against ASEAN currencies.

It appreciated against the Singapore dollar to 3.2513/2542 from 3.2556/2593, strengthened against the Philippine peso to 7.21/7.22 from 7.23/7.25, and improved against the Indonesian rupiah to 254.0/254.4 from 254.9/255.3 previously.

However, it edged down versus the Thai baht to 12.8772/8937 from 12.8573/8769.

-- BERNAMA