The ringgit opened mostly higher against major currencies on Monday but eased slightly against the US dollar as geopolitical uncertainties continued to support demand for the greenback, Bernama reported.
At 8am, the ringgit weakened to 4.0725/0780 against the US dollar from Friday’s close of 4.0715/0765.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said geopolitical risks would continue to shape market sentiment after US President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz.
Iran had reportedly proposed reopening the strategic waterway to commercial shipping within seven days, although Trump rejected the proposal. Iranian Foreign Minister Abbas Araghchi said Tehran would wait for an official response from mediators.
“Traders will also be monitoring US labour market data for further indications of the economy’s direction,” Mohd Afzanizam told Bernama.
Against other major currencies, the ringgit strengthened against the euro to 4.6333/6395 from 4.6378/6435 at Friday’s close and advanced against the British pound to 5.3867/3940 from 5.3907/3973.
However, it weakened against the Japanese yen to 2.5864/5900 from 2.5764/5797 previously.
Against ASEAN currencies, the ringgit edged up against the Singapore dollar to 3.1851/1897 from 3.1858/1900 and strengthened against the Thai baht to 12.1712/1946 from 12.2036/2234.
It was unchanged against the Indonesian rupiah at 227.4/227.8 and the Philippine peso at 6.52/6.53.
