Ringgit Rebounds Against Majors Amid Geopolitical Tensions

The Malaysian ringgit opened higher against major currencies on Monday, but traded slightly lower against the US dollar due to ongoing geopolitical uncertainties.

Bank Muamalat Malaysia Bhd's chief economist Dr. Mohd Afzanizam told Bernama that traders will continue to be influenced by these risks, citing US President Donald Trump's rejection of Iran's plan to reopen the Strait of Hormuz within seven days.

The ringgit was valued at 4.0725/0780 against the greenback, down from Friday's close of 4.0715/0765. It also edged lower versus the Japanese yen to 2.5864/5900 from 2.5764/5797 previously.

However, the local currency gained ground against the euro to 4.6333/6395 from 4.6378/6435 at Friday's close and strengthened against other ASEAN currencies, including the Singapore dollar and Thai baht.