Bank Muamalat Malaysia Bhd chief economist 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 (RM348.92) and US$93 (RM368.75) per barrel, respectively.

At 6pm, the local currency rose to 3.9625/3.9670 against the greenback from yesterday’s close of 3.9770/3.9805.

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

It rose against the British pound to 5.3165/5.3225 from 5.3272/5.3319 at yesterday’s close, improved against the euro to 4.6127/4.6180 from 4.6181/4.6222, and increased versus the Japanese yen to 2.4874/2.4904 from 2.4947/2.4970.

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

It appreciated versus the Singapore dollar to 3.1010/3.1048 from 3.1085/3.1115 at yesterday’s close, but eased against the Thai baht to 12.1732/12.1926 from 12.1613/12.1773 previously.

The ringgit was higher against the Indonesian rupiah at 221.6/221.9 from 222.8/223.1 and was firmer compared with the Philippine peso at 6.43/6.44 from 6.45/6.46 yesterday.