KUALA LUMPUR, Feb 28 — The ringgit, supported by soaring oil prices as a result of the Russia-Ukraine conflict, strengthened further against the US dollar today.
At 6pm, the local note stood at 4.1970/2015 versus the greenback compared with 4.2005/2040 at Friday’s close.
Brent crude has risen above US$102 per barrel amid worries over the crisis in Eastern Europe.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said in overseas markets, the dollar continued to trend higher as market participants were seeking refuge against the heightened level of uncertainties.
He said the US Dollar Index (DXY) continued to march higher to more than 97 points.
‘’The weaker euro and British pound against the greenback were the main driver for a stronger DXY as concerns over the war in Ukraine continued to take centrestage.
‘’It remains to be seen if there would be talks between the leaders of Ukraine and Russia and whether the economic sanctions would actually help to limit Russia’s military aggression,’’ he told Bernama.
He said at present, the ringgit was seeing staying at the current level.
At the close, the ringgit was also traded higher against a basket of other major currencies.
It gained versus the Singapore dollar to 3.0897/0934 from 3.1016/1044 at the close last Friday and appreciated vis-a-vis the British pound to 5.6139/6199 from 5.6177/6224.
The local currency improved against the yen to 3.6319/6361 from 3.6422/6455 on Friday and increased versus the euro to 4.6922/6973 from 4.6966/7005 previously.
— Bernama
