Ringgit Cautious Amid Trade Tensions and Crude Oil Price Surge

The Malaysian ringgit opened higher against most major currencies today, except for the US dollar. The local currency was at 4.0925/0980 versus the greenback at 8:01 am, compared to 4.0870/0910 at yesterday's close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid expects the ringgit to trade cautiously within the RM4.08 to RM4.10 range against the US dollar due to increased crude oil prices and the Trump administration's enhanced trade protectionist measures.

The ringgit strengthened against currencies such as the Japanese yen, euro, and British pound, but inched down versus the Indonesian rupiah and fell vis-a-vis the Thai baht. It traded flat against the Philippine peso at 6.62/6.64 from 6.62/6.63.