Post by : Shweta

Ringgit Ends Higher Against US Dollar

KUALA LUMPUR — The Malaysian ringgit ended Monday on a stronger note against the US dollar and several major and regional currencies as investors continued to assess geopolitical uncertainty in West Asia.

At 6pm, the ringgit strengthened slightly to 4.0680/0730 against the US dollar, compared with 4.0695/0745 at the previous Friday’s close.

West Asia Uncertainty Influences Markets

Bank Muamalat Malaysia chief economist Dr Mohd Afzanizam Abdul Rashid said investors remained focused on uncertainty surrounding US-Iran tensions and the movement of commercial vessels through the Strait of Hormuz.

Read more : Iran Questions US Credibility Amid Ongoing Strait of Hormuz Skirmishes

Crude oil prices also remained elevated, with West Texas Intermediate trading at US$73.02 per barrel and Brent crude at US$77.80 per barrel. Energy prices and geopolitical developments continue to influence global currency markets.

US Interest Rate Outlook Supports Dollar

US interest-rate futures indicated a 55.7 per cent probability of a quarter-point increase in the federal funds rate in September. The outlook is expected to provide continued support for the US dollar in the near term.

Despite this pressure, the ringgit recorded gains against several major currencies. It strengthened against the Japanese yen and British pound while posting a marginal improvement against the euro.

Ringgit Gains Against Regional Currencies

The Malaysian currency also performed better against several regional currencies. It strengthened against the Singapore dollar, Indonesian rupiah, Thai baht and Philippine peso at the close of trading.

The latest movement reflects cautious market sentiment as investors continue monitoring geopolitical developments, oil prices and expectations surrounding US monetary policy.

#world news #Global News #Asia News #Malaysia