KUALA LUMPUR – The ringgit opened mostly higher against major currencies today but eased slightly against the greenback. Global investors remain highly cautious due to ongoing geopolitical negotiations between the United States and Iran. Market analysts noted that conflicting political statements have created sudden shifts in global market sentiment. This tension continues to drive demand toward safe-haven assets.
At 8:00 am, the local currency dipped to 3.9670/3.9770 against the U.S. dollar. This marks a minor decline from the previous market close of 3.9660/3.9705. Bank Muamalat Malaysia Berhad chief economist Dr. Mohd Afzanizam Abdul Rashid stated that international conflict factors dominate the financial space. He explained that mixed signals regarding maritime trade security keep participants from taking large financial risks.
Despite the slide against the greenback, the ringgit found solid support elsewhere. The local note advanced well against a basket of other major currencies during early transactions. It strengthened against the Japanese yen, moving to 2.4859/2.4925 from 2.4917/2.4947. It also recorded positive gains against both the euro and the British pound.
A similar mixed performance occurred across regional ASEAN financial markets. The ringgit climbed higher against the Thai baht, moving to 12.1445/12.1818. However, it lost minor ground against the Singapore dollar. Experts predict that the local currency will continue to trade sideways between 3.95 and 3.97 for the remainder of the day.
