The ringgit began the week on a softer footing against the US dollar as investors remained cautious amid escalating geopolitical developments in the Middle East, while firmer oil prices added another layer of uncertainty to currency markets.
The local currency slipped marginally against the greenback in early trade, reflecting a defensive market mood as traders assessed the potential impact of regional tensions on global financial markets and energy supplies.
Despite the weaker start against the US dollar, the ringgit showed resilience against several major currencies, advancing versus the Japanese yen and British pound, while trading mixed against the euro.
Across the region, the local note also posted gains against the Singapore dollar and Thai baht, although it was little changed against the Indonesian rupiah and Philippine peso.
Market participants are expected to remain cautious in the near term, with geopolitical headlines and commodity price movements likely to remain key drivers of currency sentiment.
