Ringgit inches up against US dollar

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KUALA LUMPUR: The ringgit inched up against the dollar on relief over the geopolitical concern, while oil prices remained lower at US$92.83 (RM389) per barrel, down by 2.76%.

At 6pm yesterday, the local note stood at 4.1850/1870 versus the dollar from 4.1885/1920 recorded on Monday.

“I think there seems to be some relief over the geopolitical concern as Russian troops have reportedly returned to their bases.

“Correspondingly, Brent crude prices have also retreated to below US$95 (RM398) per barrel while the US Dollar Index (DXY) declined by 0.36% to 96.023 points,” Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said.

He said that following this, the dollar-ringgit has been well supported as risk aversion has waned somewhat with the greenback versus ringgit gaining to RM4.1860.

Despite that, the prevailing market condition is still fluid as…

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