Kuala lumpur: The ringgit ended higher against the US dollar and other major currencies at the close on Wednesday, buoyed by news of a proposal from the International Energy Agency (IEA) to release oil reserves, a move that could stabilize global crude oil prices.

According to BERNAMA News Agency, the local currency improved to 3.9175/9230 against the greenback from the previous day's close of 3.9200/9260. This development comes as Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid pointed out that the IEA's proposal was timely, given the rising concerns over potential disruptions in crude oil supplies due to the possible closure of the Straits of Hormuz. He emphasized the importance of de-escalation in the ongoing military conflict to ensure stability in oil supply.

The Brent crude price experienced a notable increase of 4.24 percent, reaching US$91.52 per barrel at the time of reporting. The ringgit also showed strength against other major currencies, appreciating against the Japanese yen, British pound, and euro. Specifically, it rose to 2.4719/4755 from 2.4859/4899 against the yen, climbed to 5.2545/2619 from 5.2744/2824 against the pound, and firmed to 4.5412/5475 from 4.5668/5738 against the euro.

In the ASEAN region, the ringgit displayed a positive trend, edging up against the Singapore dollar, Thai baht, Indonesian rupiah, and Philippine peso. It advanced to 3.0754/0800 from 3.0806/0855 against the Singapore dollar, improved to 12.3386/3637 from 12.3941/4205 against the baht, slightly increased to 232.0/232.4 from 232.4/232.9 against the rupiah, and climbed to 6.62/6.64 from 6.65/6.67 against the peso.