Ringgit Opens Higher Against Major Currencies Amid US-Iran Uncertainty

The Malaysian ringgit opened higher against most major currencies on Tuesday but eased against the US dollar due to market sentiment surrounding US-Iran negotiations.

At 8am, the local currency was at 4.0850/0900 against the greenback from 4.0835/0875 at Monday's close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid stated that interest rate rise in the US will lead to a rise in the value of the greenback, and traders and investors are focusing on the US Federal Open Market Committee (FOMC) scheduled for July 28-29.

The ringgit traded higher against major currencies at the opening today, including the Japanese yen, euro, and British pound.