Ringgit outperforms regional peers on improving market mood

KUALA LUMPUR, June 29 — The ringgit strengthened against major and regional currencies, supported by lower crude oil prices, which helped improve risk sentiment amid ongoing United States-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 (WTI) 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 (ISM) indices, Conference Board Consumer Confidence Index, ADP Employment Change and nonfarm payrolls (NFP), would dictate the strength of the US dollar moving forward.

At the close, the ringgit was stronger against a basket of major currencies.

It appreciated against the British pound to 5.3767/3839 from 5.4013/4079, rose versus the euro to 4.6383/6446 from 4.6605/6662, and was firmer vis-à-vis the Japanese yen at 2.5128/5164 from 2.5283/5316 at last Friday’s close.

The local note was also firmer against regional currencies.

It strengthened against the Singapore dollar to 3.1445/1490 from 3.1581/1625, increased versus the Thai baht to 12.2199/2412 from 12.2445/2643, advanced versus the Indonesian rupiah to 227.8/228.3 from 227.9/228.3, and edged up against the Philippine peso to 6.65/6.66 from 6.66/6.67 previously. — Bernama