Ringgit Surges as Market Sentiment Improves on US-Iran Talks
The Malaysian ringgit strengthened against the US dollar on Monday due to improved market sentiment, which was triggered by fresh momentum in US-Iran talks. According to Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, 'market sentiment has improved somewhat, leading to the appreciation of emerging market currencies, including the ringgit.'
The local note increased to 4.0755/4.0800 against the greenback from Friday's close of 4.0795/0840 at 6pm. It also gained against other major currencies, including the euro and British pound, but decreased versus the Japanese yen.
The ringgit traded mixed against its Asean peers, appreciating against the Philippine peso and Indonesian rupiah, while weakening against the Singapore dollar and Thai baht.