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. The United States also followed the move, announcing the release of 172 million barrels of oil into the domestic market. "Such decisions aim to stabilise oil prices, especially at the retail level. "Clearly, the Iran war has taken a toll on retail oil prices, as rising costs can undermine consumers’ purchasing power,” he told Bernama. The ringgit strengthened against the Indonesian rupiah to 231.7/233.1 from 232.0/232.4 and improved against the Philippine peso to 6.61/6.66 from 6.62/6.64 on Wednesday.

Source: The Star March 12, 2026 08:52 UTC