Ringgit Edges Up Against Majors But Falters to US Dollar Amid US-Iran Uncertainty

The Malaysian ringgit began trading on July 28 at a higher value against most major currencies but fell to the US dollar due to market sentiment surrounding ongoing uncertainty over US-Iran negotiations.

According to Dr. Mohd Afzanizam Abdul Rashid, chief economist of Bank Muamalat Malaysia Bhd, an interest rate rise in the US is likely, which would lead to a strengthening of the greenback.

The ringgit appreciated against several major currencies, including the Japanese yen (2.4940/4973), euro (4.6438/6495), and British pound (5.4281/4348).

However, it weakened against the US dollar (4.0850/0900) compared to Monday's close.