KUALA LUMPUR: The ringgit closed higher on Thursday against most Asean currencies, but lower against the US dollar amid a renewed surge in oil prices and escalating geopolitical tensions in the Middle East, an analyst said.
At 6pm, the ringgit inched down to 4.0890/4.0940 against the greenback from Wednesday’s close of 4.0850/4.0895.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said Brent crude rose 4.08% to US$104.29 a barrel amid expectations of a prolonged Middle East conflict.
“In addition, concerns about fiscal sustainability in Europe, especially in France, have led to a stronger US dollar. It appears that … traders are seeking refuge against uncertainties,” he told Bernama today.
