The ringgit opened slightly firmer against the US dollar on Monday, supported by softer crude oil prices and steady regional sentiment.
At 8am, the local currency was pegged at 4.0855/0950 against the greenback, compared with 4.0860/0910 at Friday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit was finding support from lower crude oil prices, with West Texas Intermediate trading at about US$69.87 per barrel and Brent crude at US$72.46 per barrel.
He also noted that geopolitical developments remained in focus, particularly ongoing negotiations between the United States and Iran, while shipping activity in the Strait of Hormuz continued.
“Shipping continues in the Strait of Hormuz, which suggests that oil shortages could be resolved soon. On that note, expect the US dollar/ringgit (pair) to revolve around RM4.08 to RM4.10 today,” Mohd Afzanizam said.
The ringgit was firmer against a basket of major currencies at the open.
It strengthened against the British pound to 5.3929/4054 from 5.4013/4079, rose against the euro to 4.6526/6634 from 4.6605/6662 and edged up versus the Japanese yen to 2.5258/5318 from 2.5283/5316.
Against regional peers, the local note was mixed.
It gained against the Singapore dollar to 3.1560/1639 from 3.1581/1625, was steady against the Indonesian rupiah at 227.9/228.6 and held flat versus the Philippine peso at 6.66/6.68. It also strengthened against the Thai baht to 12.2284/2627 from 12.2445/2643 previously.
Bernama
