Ringgit Edges Up Amid Geopolitical Risks and Higher Oil Prices

The ringgit began Tuesday's trading session slightly higher against the US dollar and major currencies. It opened at 4.0800/0865 versus the greenback, an improvement from Monday's close of 4.0805/0845.

Brent crude oil remained above $106 per barrel as the US-Iran standoff persisted, keeping energy-driven inflation concerns in focus, according to Dr Mohd Afzanizam, chief economist at Bank Muamalat Malaysia Bhd.

The increase in Brent crude prices and higher US Treasury yields may limit demand for emerging-market currencies like the ringgit. The two-year and 10-year US yields hovered around 4.9 and 5.2 percent, respectively.