KUALA LUMPUR: The ringgit closed marginally higher against the US dollar yesterday as optimism over a potential West Asia ceasefire improved risk appetite.
At 6pm, the local note strengthened to 4.0245/0320 against the greenback from 4.0295/0350 at last Friday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said it was reported that the United States, Iran, and mediators are hatching plans for a 45-day ceasefire that would allow the reopening of the Strait of Hormuz.
“The details remain sketchy, but it seems that the news has boosted some form of optimism in the financial markets,” he told Bernama.
...
