Ringgit Edges Higher Against Major Currencies Amid Ongoing Uncertainty

The Malaysian ringgit opened higher against most major currencies on Tuesday but declined slightly against the US dollar due to ongoing uncertainty over US-Iran negotiations and expectations of a US interest rate hike.

As of 8 am, the local currency was trading at 4.0850/0900 against the greenback compared to 4.0835/0875 on Monday.

Market focus is on the US Federal Open Market Committee meeting, with the ringgit-dollar pair expected to trade within a narrow range, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

The ringgit showed varied performance against regional currencies, strengthening against the Singapore dollar and Thai baht but weakening versus the Indonesian rupiah.