THE ringgit strengthened against the US dollar and most major currencies at Thursday’s opening as global efforts to stabilise oil markets helped ease investor concerns over energy price volatility.
At 8am, the Malaysian currency rose to 3.9130/9350 against the US dollar from Wednesday’s closing level of 3.9175/9230.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said market sentiment was being supported by stabilising oil prices following a coordinated move by major energy-consuming nations to release strategic reserves.
He said the International Energy Agency’s 32 member countries had agreed to release 400 million barrels of oil from their strategic petroleum reserves to ease supply pressures in global markets.
The United States has also announced plans to release 172 million barrels of oil into its domestic market.
“Such decisions aim to stabilise oil prices, especially at the retail level.
“Clearly, the Iran war has taken a toll on retail oil prices, as rising costs can undermine consumers' purchasing power,” he told Bernama.
Oil prices remained volatile amid ongoing geopolitical tensions.
At the time of writing, Brent crude had risen 7.55 per cent to US$98.92 per barrel, while natural gas traded on the New York Mercantile Exchange increased 1.25 per cent to US$3.25 per million British Thermal Units.
“Leaders across the globe are preoccupied with global price pressures and are taking steps to ensure retail fuel prices remain under control,” he said.
Meanwhile, the United States Federal Reserve is widely expected to maintain its restrictive monetary policy stance when the Federal Open Market Committee convenes next week.
Against this backdrop of heightened uncertainty, Mohd Afzanizam said the ringgit is likely to trade within a range of RM3.9000 to RM3.9500 against the US dollar today.
The local currency also strengthened against several other major currencies at the opening.
It rose against the Japanese yen to 2.4596/4738 from 2.4719/4755 at Wednesday’s close, appreciated against the British pound to 5.2360/2654 from 5.2545/2619, and advanced against the euro to 4.5164/5418 from 4.5412/5475.
The ringgit likewise gained against most regional currencies.
It edged higher against the Singapore dollar to 3.0661/0839 from 3.0754/0800 and strengthened against the Thai baht to 12.2346/3119 from 12.3386/3637.
The currency also improved against the Indonesian rupiah to 231.7/233.1 from 232.0/232.4 and rose against the Philippine peso to 6.61/6.66 compared with 6.62/6.64 previously. - March 12, 2026
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