Ringgit Dips Against Dollar But Holds Ground Against Major Currencies

The Malaysian ringgit has opened slightly lower against the US dollar on Monday but remains mostly higher against major currencies. The current exchange rate is 4.0725/0780 against the greenback, down from Friday's close of 4.0715/0765.

According to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam, geopolitical risk will continue to shape market sentiment due to ongoing tensions in the Strait of Hormuz. Trump has rejected Iran's proposal to reopen the strait, which may contribute to increased demand for the US dollar.

The ringgit has traded mostly higher against a basket of major currencies, gaining against the euro and British pound while easing slightly against the Japanese yen.