Ringgit Opens Higher Against Majors Amid Geopolitical Uncertainty

The Malaysian ringgit opened mostly higher against major currencies on Monday, despite easing slightly against the US dollar due to ongoing geopolitical uncertainties.

Bank Muamalat Malaysia Bhd's chief economist Afzanizam Rashid noted that these risks will continue to shape market sentiment, particularly with US President Donald Trump rejecting Iran's proposal to reopen the Strait of Hormuz.

The ringgit traded at 4.0725-4.0780 against the greenback on Monday morning, a slight decrease from Friday's close of 4.0715-4.0765.

However, it gained ground against other major currencies, including the euro and British pound, while strengthening its position against several Asean currencies such as the Singapore dollar and Thai baht.