LATEST NEWS   At 6 pm, the ringgit eased to 4.0670/0715 against the US dollar from Tuesday’s close of 4.0580/0630 | Global petroleum market more stable but influenced by uncertainty over physical supply, global stock levels and seasonal demand across major regions - MOF | RON95 subsidy is projected to be about RM2 bln a month, diesel about RM1.5 bln - MOF | Govt's RON95 petrol and diesel subsidy burden based on market prices is still expected to remain high at about RM3.5 bln a month - MOF | Prices of RON95, RON97 and diesel in the peninsula remain unchanged for June 11 to 17 - MOF | 
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MARKET • 29/04/2026 06:53 PM

Ringgit Closes Higher Vs US Dollar, Regional Currencies

By Abdul Hamid A Rahman

KUALA LUMPUR, April 29 (Bernama) -- The ringgit closed higher against the US dollar and regional currencies, due to easing crude oil concerns following the United Arab Emirates’ (UAE) exit from the Organization of the Petroleum Exporting Countries (OPEC) pact.

At the same time, sentiments remained cautious ahead of the United States Federal Reserve’s interest rate decision later today.

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At 6 pm, the local note appreciated to 3.9495/9540 against the greenback from 3.9505/9550 at yesterday’s close.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said news of the UAE’s departure from the OPEC pact beginning May suggests the oil cartel may continue to lose its grip on sustaining higher crude oil prices, particularly once the current crisis subsides.

“As a result, West Texas Intermediate (WTI) and Brent crude prices were little changed today.

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“This is a positive development as the cartel system should be discouraged to allow market forces to function more effectively and efficiently,” he told Bernama.

Mohd Afzanizam added that improved efficiency in the price discovery mechanism will send the right signals to industry players, potentially encouraging a shift towards renewable energy.

Meanwhile, the Federal Open Market Committee (FOMC) is expected to announce its interest rate decision at the conclusion of its meeting later today.

At the close, the ringgit traded mostly lower against a basket of major currencies.

It appreciated against the Japanese yen to 2.4709/4739 from 2.4756/4785 at the close on Tuesday, but slid against the euro to 4.6197/6250 from 4.6189/6242 yesteday, and slipped versus the British pound to 5.3330/3391 from 5.3292/3353 previously.

However, the local currency strengthened against regional peers.

It advanced against the Singapore dollar to 3.0909/0946 from 3.0943/0983 on Tuesday, jumped against the Thai baht to 12.0791/0980 from 12.1494/1685 yesterday, gained against the Indonesian rupiah to 227.9/228.3 from 229.1/229.4, and appreciated against the Philippine peso to 6.41/6.42 from 6.44/6.46 previously.

-- BERNAMA

 

 

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