Ringgit opens mostly higher against major currencies, slightly lower versus greenback

KUALA LUMPUR: The ringgit opened mostly higher against major currencies today but eased slightly against the US dollar as investors stayed cautious over ongoing US-Iran negotiations.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid told Bernama uncertainties revolving around war in Iran continue to dominate market sentiment, despite major equity bourses reaching record highs.

“There are to be conflicting signals. The Iranian state news agency seems to suggest that the negotiation is proceeding well. But US President Donald Trump remains hostile, especially with his remarks about the Straits of Hormuz that there should not be any country controlling it,” he said.

At the same time, there are fears about rising inflation, which could force the US Federal Reserve to raise interest rates. Positive earnings and AI optimism on related investment continue to support sentiment, he said.

In the world’s two primary oil pricing benchmarks, West Texas Intermediate was up by 1.40% to US$89.92 per barrel, while Brent crude oil prices dropped 5.31% to US$94.29 per barrel.

Meanwhile, the US Dollar Index hovered around 99.21 points, slightly higher by 0.04%.

“Hence, we expect the ringgit-US dollar pair to trade around RM3.95 to RM3.97 today,” he said.

At the opening, the ringgit traded higher against a basket of major currencies.

At 8am, the local currency fell to 3.9670/3.9770 against the greenback from Tuesday’s close of 3.9660/3.9705.

It strengthened versus the Japanese yen to 2.4859/2.4925 from 2.4917/2.4947 at Tuesday’s close, rose against the euro to 4.6089/4.6205 from 4.6172/4.6225 and increased vis-a-vis the British pound to 5.3217/5.3351 from 5.3470/5.3530 previously.

The local currency was higher against the Thai baht to 12.1445/12.1818 from 12.1485/12.1675 at Tuesday’s close, declined versus the Singapore dollar to 3.1041/3.1121 from 3.1038/3.1075.

The ringgit was flat against the Philippine peso and Indonesian rupiah at 6.44/6.46 and 222.8/223.5, respectively.

المصدر: Free Malaysia Today