Malaysian Ringgit Opens Lower vs US Dollar but Gains Against Most Currencies

KUALA LUMPUR: Malaysia’s ringgit opened weaker against the US dollar on Monday but gained ground versus several major currencies amid cautious market sentiment, as traders monitored unfolding geopolitical tensions in West Asia.

At 8:00 a.m. the local currency slipped to a bid‑ask range of 4.1350/1445 against the greenback, widening from Friday’s close of 4.1340/1395.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is likely to trade cautiously as traders and investors monitor US‑Iran negotiations.

He noted that “so far, reports indicate that millions of barrels of oil have continued to flow through the Strait of Hormuz over the weekend, suggesting that the risk of a tight supply of crude oil and liquefied natural gas may be easing despite the ongoing tension.”

He added that “traders will also be focusing on the US Federal Reserve’s primary inflation gauge – personal consumption expenditures – due out on Thursday.”

Mohd Afzanizam said the ringgit would likely trade sideways against the greenback amid weak market sentiment.

West Texas Intermediate (WTI) and Brent crude were trading at US$77.69 and US$81.60 per barrel respectively, up 2.43 % and 1.28 % from the previous close.

At the opening, the local currency strengthened against the Japanese yen to a bid‑ask range of 2.5613/5674, improving from Friday’s close of 2.5636/5671; it also rose against the British pound to 5.4619/4745 from 5.4709/4782. Conversely, it slipped versus the euro to 4.7404/7513 from 4.7376/7439.

The local currency showed mixed performance against regional counterparts.

It strengthened versus the Singapore dollar to 3.1992/2071 from 3.2019/2064 and against the Thai baht to 12.5503/5850 from 12.5856/6074 at Friday’s close.

The ringgit remained virtually flat against the Indonesian rupiah at 232.2/232.8 (previous 232.2/232.5) and unchanged against the Philippine peso at 6.80/6.82 (previous 6.80/6.81). – Bernama

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