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KUALA LUMPUR, — The Malaysian ringgit opened slightly higher against the US dollar in early trading on Wednesday, although its performance remained mixed against other major currencies amid cautious market sentiment.
At 8.03am, the ringgit strengthened to 3.9475/9540 against the US dollar, compared with 3.9505/9550 at Tuesday’s close, indicating modest gains for the local currency at the start of the trading session.
Market sentiment remained cautious due to ongoing oil price volatility and geopolitical developments in the Strait of Hormuz, which continue to influence global currency markets. Analysts noted that investors are closely monitoring these developments before making significant trading decisions.
Oil prices remained unstable during the session, adding pressure to market sentiment. West Texas Intermediate (WTI) crude declined 0.83% to US$99.10 per barrel, while Brent crude fell 0.59% to US$110.60 per barrel, reflecting uncertainty in global energy markets.
Against other major currencies, the ringgit showed mixed performance. The local currency appreciated against the Japanese yen to 2.4740/4782, but weakened against the British pound to 5.3394/3482 and slipped against the euro to 4.6261/6337.
Despite mixed movements against global currencies, the ringgit traded mostly higher against ASEAN currencies, suggesting relatively stable regional demand for the Malaysian currency.
Economists expect the ringgit to trade within a narrow range in the near term, as market participants await clearer direction from geopolitical developments and energy price movements that continue to shape global financial markets.
