KUALA LUMPUR, April 14 — The ringgit rebounded to the 3.95 level against the United States (US) dollar at today’s close, buoyed by hopes of a second round of talks between the US and Iran.
At 6pm, the local currency rose 235 pips to 3.9500/9545 against the greenback, from 3.9735/9805 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said a second round of negotiations between the US and Iran could take place soon, easing tensions and supporting demand for the local currency.
“This comes as the two-week ceasefire will expire next week,” he told Bernama, adding that the latest developments have pushed West Texas Intermediate (WTI) and Brent crude oil prices below US$100 per barrel.
At the time of writing, WTI and Brent crude prices fell 2.33 per cent and 0.64 per cent to US$96.77 and US$98.72 per barrel, respectively.
At the close, the ringgit traded mixed against a basket of major currencies.
It weakened against the British pound to 5.3495/3556 from 5.3360/3454 and declined versus the euro to 4.6567/6620 from 4.6434/6516, but strengthened against the Japanese yen to 2.4847/4877 from 2.4875/4920 at Monday’s close.
Meanwhile, the local currency traded higher against ASEAN currencies.
It rose against the Singapore dollar to 3.1053/1091 from 3.1145/1205 and gained versus the Indonesian rupiah to 230.6/231.0 from 232.2/232.8.
The ringgit also strengthened against the Thai baht to 12.3183/3397 from 12.3202/3503 and edged up versus the Philippine peso to 6.59/6.61 from 6.60/6.62 previously.
