KUALA LUMPUR, May 29 — The ringgit ended the week higher against the US dollar today, supported by renewed risk appetite following reports of a possible reopening of the Strait of Hormuz, a key global oil shipping route.

At 6pm, the local currency rose to 3.9625/9670 against the greenback from yesterday’s close of 3.9770/9805.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the development boosted investor confidence and eased concerns over potential disruptions to global oil supplies.

He said that, as a result, crude oil prices retreated, with West Texas Intermediate (WTI) and Brent crude trading around US$88 and US$93 per barrel, respectively.

Back home, the ringgit also traded higher against a basket of major currencies.

It rose against the British pound to 5.3165/3225 from 5.3272/3319 at yesterday’s close, improved against the euro to 4.6127/6180 from 4.6181/6222, and increased versus the Japanese yen to 2.4874/4904 from yesterday’s close of 2.4947/4970.

Meanwhile, the local currency traded mostly higher against regional peers.

It appreciated versus the Singapore dollar to 3.1010/1048 from 3.1085/1115 at yesterday’s close, but eased against the Thai baht to 12.1732/1926 from 12.1613/1773 previously.

The ringgit was higher against the Indonesian rupiah at 221.6/221.9 versus 222.8/223.1 previously and was firmer compared with the Philippine peso to 6.43/6.44, from 6.45/6.46 at yesterday’s close. — Bernama

 Malay Mail – Money