Tag: West Texas Intermediate

Ringgit opens higher against US dollar, major currencies

The ringgit opened stronger against the United States (US) dollar and other major currencies on Friday, supported by easing geopolitical tensions in West Asia and Malaysia's improving macroeconomic prospects. At 8am, the local currency rose to 3.9550/9645 against the US dollar at 3.9595/9630 at Thursday's close. Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul Rashid, said optimism that the US and Iran would reach an amicable solution continued to increase. He said that West Texas Intermediate (WTI) and Brent crude oil prices decreased by 1.49 percent and 2.32 percent to US$97.79 per barrel and US$102.58 per barrel, respectively. "According to Iranian news agencies, Tehran is examining a proposal from the US which is seen as likely to bridge some of the differences between the two parties," he told Bernama. He also said the ringgit is expected to continue to be in a better position following Malaysia's positive macroeconomic backdrop, particularly when the current account surplus increases to 3.0 percent of gross domestic product (GDP) in the first quarter of 2026 compared to 0.5 percent in the previous quarter. "In addition, the government's fiscal position continues to improve with the fiscal deficit narrowing to RM17.1 billion or 3.3 percent of GDP in the first quarter of 2026 compared to RM21.9 billion or 4.5 percent of GDP in the same period in 2025." "Therefore, the ringgit is expected to remain strongly supported at around RM3.95 to RM3.96 against the US dollar today," he said. At the opening of trading, the ringgit traded higher against a basket of major currencies. The local currency rose against the British pound to 5.3120/3247 from 5.3220/3267 at Thursday's close, strengthened against the euro to 4.5945/6056 from 4.6037/6078 previously and rose against the Japanese yen to 2.4866/4928 from 2.4906/4929. The ringgit is also trading higher against regional currencies. It strengthened against the Singapore dollar to 3.0949/1026 from 3.0967/0997 previously and rose against the Thai baht to 12.1286/1648 from 12.1304/1468. The local currency also appreciated against the Indonesian rupiah to 223.8/224.5 from 224.1/224.4 previously and increased against the Philippine peso to 6.42/6.44 from 6.43/6.44 previously. -- BERNAMA

The ringgit opened stronger against the United States (US) dollar and other major currencies on Friday, supported by easing geopolitical tensions in West Asia and Malaysia’s improving macroeconomic prospects. At 8am, the local currency rose to 3.9550/9645 against the US dollar at 3.9595/9630 at Thursday’s close. Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul […]