KUALA LUMPUR: The ringgit strengthened against the US dollar, other major currencies and Asean peers at yesterday’s close following news that the International Energy Agency (IEA) has proposed releasing oil reserves, which could help stabilise global crude oil prices.
At 6pm, the local currency rose to 3.9175/9230 against the greenback from Tuesday’s close of 3.9200/9260.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the IEA proposal comes amid concerns that a closure of the Strait of Hormuz would compromise crude oil supplies.
“The situation largely depends on how long the military conflict continues. Hence, de-escalation is something the world needs at the moment,” he told Bernama.
At the time of writing, the price of Brent crude had risen 4.24% to US$91.52 per barrel.
