Ringgit Opens Higher Against Majors, Weighed Down by US Dollar

The ringgit has opened higher against most major currencies on Tuesday, but it eased against the US dollar due to uncertainty over US-Iran negotiations.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid believes that an interest rate rise in the US will lead to a stronger greenback. He pointed out that the market is waiting for the US Federal Open Market Committee (FOMC) meeting on July 28-29, which may impact the ringgit-US dollar exchange rate.

The local currency traded higher against several major currencies at the opening, including the Japanese yen, euro, and British pound. However, it weakened against the Indonesian rupiah and was flat against the Philippine peso.