Ringgit Closes Lower Against US Dollar Amid Mideast Uncertainty
By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, June 23 (Bernama) -- The ringgit closed lower against the greenback on Monday as US involvement in the war between Israel and Iran spurred demand for safe haven assets like the American dollar, an analyst said.
The United States bombed Iran's nuclear facilities on Sunday.
At 6 pm, the local note slid to 4.2915/2980 versus the greenback from last Friday's close of 4.2505/2565.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the US Dollar Index (DXY) was 0.25 per cent higher at 98.958 points as heightened geopolitical risks in the Middle East have led to cautious sentiments among traders. He said Brent crude prices stayed elevated as the Iranian parliament approved a measure to close the Strait of Hormuz, which will disrupt oil supplies from the Middle East if the closure actually happens, but ultimately, the decision will come down to Iran's top leaders.
At the time of writing, the Brent crude oil price rose 0.77 per cent to US$77.48 per barrel.
"Immediately, traders and investors are observing the dynamics of the Israel-Iran standoff and whether it would escalate into a new trajectory," he told Bernama.
At the close, the ringgit traded mostly lower against a basket of major currencies.
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