KUALA LUMPUR: The ringgit closed easier against the US dollar yesterday after gaining ground on Wednesday, with market sentiment remaining cautious amid President Trump’s unpredictable stance on the US-Iran conflict, leading to constant changes in risk appetite among traders and investors.
At 6pm, the local currency weakened to 4.0365/0430 against the greenback from Wednesday’s close of 4.0240/0295.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar index gained traction, rising 0.47% to 100.122 points.
“Brent crude prices went up as Trump’s prime-time address suggested no resolution to the war as he pledged more aggression towards Iran in the next two weeks to three weeks and no plans to facilitate the reopening of the Strait of Hormuz,” he told Bernama.
At the time of writing, the benchmark Brent crude oil price rose 7.56% to US$108.7 per barrel.
At the close, the ringgit traded higher against a basket of major currencies.
It strengthened against the British pound to 5.3278/3364 from 5.3507/3580 at Wednesday’s close, traded better versus the Japanese yen to 2.5295/5337 from 2.5358/5394 previously, and improved vis-a-vis the euro to 4.6517/6592 from 4.6666/6730.
The local currency traded mixed against Asean currencies.
