Ringgit Opens Flat Against US Dollar Amid Ongoing West Asia Conflict
The Malaysian ringgit opened flat against the US dollar on September 8 amid ongoing tensions in West Asia. The conflict has driven up crude oil prices, supporting the greenback.
At 8 am, the local currency edged up to 4.0420/0480 against the US dollar from Monday's close of 4.0440/0485, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.
Afzanizam said that if the conflict persists, it could mean higher crude oil prices due to ongoing disruptions in oil supplies from the Gulf region, which represents about 20% of global oil supplies.
However, he also noted that the ringgit will likely maintain its tight range posture due to Malaysia's positive macroeconomic backdrop, making Malaysian financial assets a compelling choice for investors. As such, the US dollar-ringgit exchange rate is expected to remain between RM4.04 and RM4.05 today.