KUALA LUMPUR: The spike in crude oil prices helped lift the ringgit, which finished higher against the US dollar and other major currencies at today’s close.
At 6 pm, the local currency strengthened to 4.0850/0890 versus the greenback from yesterday’s close of 4.0870/0910, as benchmark Brent crude rose to over US$94 per barrel compared with US$71.57 on July 1, 2026.
Deputy Finance Minister Liew Chin Tong said earlier today that every US$1 increase in oil prices per barrel is expected to generate an additional RM300 million in government revenue.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit was traded in a tight range between RM4.0860 and RM4.0975 to the US dollar today as market sentiment remained cautious.
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