# Malaysia, Indonesia currencies gain on OPEC+ target cut - Markets - Business Recorder

> The ringgit and rupiah gained on April 4 after OPEC+ announced a surprise cut of 1.16 million barrels per day to output targets, which lifted Brent crude. Analysts at OCBC warned the cut could add to sticky inflation, while HSBC said higher oil prices favour regional currencies such as the ringgit.

- Date: 2023-04-04 · published 2023-04-04T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/36682-malaysia-indonesia-currencies-gain-on-opec-target-cut-markets-business-recorder
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Indonesian Rupiah (IDR per USD)](https://feedsoft.ai/c/USDIDR.md)

## Why it matters

Higher crude prices raise energy and freight costs for feed supply chains and support regional currencies that are linked to energy exports. The currency gains are a modest knock-on effect of the oil move.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- USDIDR: bearish ▼
- USDMYR: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-04-03 | [Palm posts biggest jump in two months after crude oil rally - Markets - Business Recorder](https://feedsoft.ai/events/36512-palm-posts-biggest-jump-in-two-months-after-crude-oil-rally-markets-business.md) | +7.4% | +1.0% |
| BRENT | 2023-09-28 | [Indian rupee poised to test record low as oil prices, US yields climb - Markets - Business Recorder](https://feedsoft.ai/events/34393-indian-rupee-poised-to-test-record-low-as-oil-prices-us-yields-climb-markets.md) | -9.3% | -6.9% |
| BRENT | 2023-10-30 | [India rupee likely to struggle despite relief for Asian peers - Markets - Business Recorder](https://feedsoft.ai/events/33909-india-rupee-likely-to-struggle-despite-relief-for-asian-peers-markets-business.md) | -4.9% | -11.5% |
| BRENT | 2024-02-09 | [Indian rupee weakens slightly on dollar demand from state-run banks, importers - Markets - Business Recorder](https://feedsoft.ai/events/31968-indian-rupee-weakens-slightly-on-dollar-demand-from-state-run-banks-importers.md) | +1.5% | +1.9% |
| BRENT | 2021-01-04 | [Fitch Solutions revises forecast, says Indian rupee to trade weaker in 2021 \| Money & Forex Markets - Business Standard](https://feedsoft.ai/events/49441-fitch-solutions-revises-forecast-says-indian-rupee-to-trade-weaker-in-2021.md) | +8.2% | +7.9% |
| WTI | 2026-09-28 | [Asian currencies: Thai baht hits two-month low as oil prices surge - Markets - Business Recorder](https://feedsoft.ai/events/17732-asian-currencies-thai-baht-hits-two-month-low-as-oil-prices-surge-markets.md) | +9.1% | +18.9% |
| WTI | 2021-08-23 | [Rebound in commodity prices, weaker dollar lift Latam currencies - Markets - Business Recorder](https://feedsoft.ai/events/45760-rebound-in-commodity-prices-weaker-dollar-lift-latam-currencies-markets.md) | +10.5% | +13.0% |
| WTI | 2023-09-27 | [Thai baht, Malaysian ringgit lead Asian FX lower on extended dollar strength - Markets - Business Recorder](https://feedsoft.ai/events/34366-thai-baht-malaysian-ringgit-lead-asian-fx-lower-on-extended-dollar-strength.md) | -2.0% | -7.4% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40235343

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.