The Malaysian ringgit ended the day stronger against the US dollar and several major currencies as global oil market concerns eased. Analysts said expectations of a potential release of oil reserves helped stabilise market sentiment.
Local Currency Gains Following Oil Market Developments
At the close of trading, the ringgit rose to 3.9175/9230 against the US dollar compared with the previous session’s 3.9200/9260. The currency also strengthened against several regional currencies.
Economists noted that developments in global energy markets continue to influence currency movements across emerging Asian economies.
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