KUALA LUMPUR: The ringgit has strengthened against major and regional currencies, supported by lower crude oil prices, which helped improve risk sentiment amid ongoing US-Iran peace negotiations.
At 6pm, the local note appreciated to 4.0680/0735 against the greenback from 4.0860/0910 at last Friday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said lower crude oil prices were prevalent as ongoing US-Iran peace negotiations continued, although there were intermittent flare-ups in attacks.
“The West Texas Intermediate and Brent crude prices lingered at US$70.22 per barrel and US$72.69 per barrel, respectively, during the day,” he told Bernama.
He added that a series of key US economic data points this week, including the Institute for Supply Management Indices, Conference Board Consumer Confidence Index, ADP Employment Change and nonfarm payrolls, would dictate the strength of the US dollar moving forward.
