KUALA LUMPUR, May 29 — The ringgit ended the week higher against the United States dollar on Friday, supported by renewed risk appetite following reports of a possible reopening of the Strait of Hormuz, a key global oil shipping route.
At 6pm, the local currency rose to 3.9625/9670 against the greenback from Thursday’s close of 3.9770/9805.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid told Bernama that the development boosted investor confidence and eased concerns over potential disruptions to global oil supplies.
As a result, crude oil prices retreated, with West Texas Intermediate and Brent crude trading around US$88 and US$93 per barrel, respectively.
Back home, the ringgit also traded higher against a basket of major currencies.
It rose against the British pound to 5.3165/3225 from 5.3272/3319 at Thursday’s close, improved against the euro to 4.6127/6180 from 4.6181/6222, and increased versus the Japanese yen to 2.4874/4904 from yesterday’s close of 2.4947/4970.
Meanwhile, the local currency traded mostly higher against regional peers.
It appreciated versus the Singapore dollar to 3.1010/1048 from 3.1085/1115 at Thursday’s close, but eased against the Thai baht to 12.1732/1926 from 12.1613/1773 previously.
The ringgit was higher against the Indonesian rupiah at 221.6/221.9 versus 222.8/223.1 previously and was firmer compared with the Philippine peso to 6.43/6.44, from 6.45/6.46 at Thursday’s close.
