Ringgit improves vs US dollar amid progress in Iran peace talks

KUALA LUMPUR: The ringgit opened higher against the US dollar on Tuesday as peace negotiations in the Middle East made progress, an analyst said.

At 8am, the local note improved to 4.1440/4.1505 against the greenback from 4.1465/4.1500 at yesterday’s close.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US government has allowed the Iranian government to sell its oil in the international market, a sign that the ongoing peace negotiation was going well.

“As a result, the WTI and Brent crude prices are hovering around US$74.29 and US$77.90 per barrel, respectively. Traders seem to be grappling with prospects for lower oil prices and lower inflation, but remain uncertain on the potential rate hike by the US Federal Reserve (Fed),” he noted.

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