KUALA LUMPUR: The ringgit has ended higher against major and regional currencies, including the US dollar, on Monday amid continued geopolitical uncertainties in West Asia.
At 6pm, the local currency edged up to 4.0680/0730 versus the greenback from 4.0695/0745 at last Friday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said investors continued to assess uncertainties surrounding the US-Iran ceasefire and the free flow of vessels through the Strait of Hormuz.
He said crude oil prices remained elevated, with West Texas Intermediate and Brent crude trading at US$73.02 and US$77.80 per barrel, respectively.
“Meanwhile, US interest-rate futures indicated a 55.7% probability of a quarter-point increase in the federal funds rate in September.
“As such, this is expected to continue providing support for the US dollar in the near term,” he told Bernama.
