KUALA LUMPUR: The ringgit ended lower against the US dollar at the close yesterday on concerns over oil supply disruptions amid the war in Iran.
At 6pm, the local currency eased to 3.9240/9280 against the greenback from Wednesday’s close of 3.9175/9230.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the International Energy Agency’s decision to release oil reserves has failed to calm the markets.
“The Iranian government has set certain conditions for peace talks, but they seem like a tall order for the United States and Israel. This suggests the ongoing military conflict could be protracted,” he told Bernama.
At the time of writing, Brent crude oil price rose 4.71% to US$96.14 per barrel. The ringgit traded lower against other major currencies at the close.
