KUALA LUMPUR, March 10 — The ringgit ended higher against the United States (US) dollar and other major currencies at Tuesday's close following a sharp drop in crude oil prices amid comments from US President Donald Trump suggesting that the war in Iran could end soon.
At 6pm, the local currency strengthened to 3.9200/9260 against the greenback from Tuesday's close of 3.9590/9655.
At the time of writing, Brent crude oil prices fell 8.23 per cent to US$86.80 per barrel, down from yesterday’s peak of US$118.60.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said geopolitics remains on centre stage as traders and investors plan their strategies.
"Still, it is early days, and the situation remains fluid, especially with Iran's recent appointment of a new Supreme Leader. Thus, the ringgit’s performance against the US dollar was commendable," he told Bernama.
Afzanizam noted that the ringgit gained 0.90 per cent against the greenback, while other emerging market currencies showed a similar trend today.
At the close, the ringgit traded higher against a basket of major currencies.
It rose against the Japanese yen to 2.4859/4899 from 2.4992/5035 at Monday's close, climbed versus the British pound to 5.2744/2824 from 5.2809/2896, and was firmer against the euro at 4.5668/5738 from 4.5738/5813.
The local note traded mostly higher against most ASEAN currencies.
It edged up versus the Singapore dollar to 3.0806/0855 from 3.0925/0978, and gained against the Indonesian rupiah to 232.4/232.9 from 233.5/234.0.
However, it fell versus the Thai baht to 12.3941/4205 from 12.3345/3617 and remained unchanged against the Philippine peso at 6.65/6.67 from 6.65/6.67 on Monday.
