Ringgit Opens Higher Against Most Currencies Amid Iran-US Tensions

The Malaysian ringgit opened higher against major currencies on Friday but eased slightly against the US dollar as investors grew cautious amid escalating tensions between the United States and Iran.

According to Dr Mohd Afzanizam Abdul Rashid, chief economist of Bank Muamalat Malaysia Bhd, the US government is seeking to isolate Iran economically and may announce measures in the near term.

This development led to a 1.75% increase in Brent crude prices to $93.22 a barrel, with the 30-year US Treasury yield rising six basis points to 5.25%

The ringgit traded higher against most major currencies, including the Japanese yen, British pound, and euro, but fell against the Thai baht.