Ringgit extends gains at opening as oil prices stabilise

2026-03-12 - 00:44

KUALA LUMPUR: The ringgit extended gains against the US dollar and other currencies at Thursday’s opening, supported by stabilising oil prices following the International Energy Agency’s (IEA) decision to release additional supply into the market, an economist said. At 8am, the local currency edged up to 3.9130/3.9350 against the greenback from Wednesday’s close of 3.9175/3.9230. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said oil prices remained a key focus for the market after the IEA’s 32 member countries agreed to release 400 million barrels from strategic petroleum reserves into the market. MORE TO COME