Kuala lumpur: The ringgit ended higher against the US dollar and other major currencies at Tuesday's close following a sharp drop in crude oil prices amid comments from US President Donald Trump suggesting the war in Iran could end soon. At 6 pm, the local currency strengthened to 3.9200/9260 against the greenback from Tuesday's close of 3.9590/9655.

According to BERNAMA News Agency, Brent crude oil prices saw a significant decline of 8.23 per cent to US$86.80 per barrel, down from yesterday's peak of US$118.60. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid highlighted that geopolitical factors remain central as traders and investors strategize. He noted that although the situation is still evolving, especially with Iran's recent appointment of a new Supreme Leader, the ringgit's performance against the US dollar was commendable.

Dr Mohd Afzanizam emphasized that the ringgit gained 0.90 per cent against the greenback, with other emerging market currencies reflecting a similar trend. At the close, the ringgit traded higher against a basket of major currencies, rising against the Japanese yen, British pound, and euro.

Meanwhile, the local currency traded mostly higher against most ASEAN currencies, edging up versus the Singapore dollar and gaining against the Indonesian rupiah. However, it fell against the Thai baht and remained unchanged against the Philippine peso.