Ringgit Opens Higher Against US Dollar Amid Improved Market Sentiment

Kuala Lumpur, May 29, 2026 — The Malaysian ringgit strengthened against the US dollar at the opening of trading today, supported by improved market sentiment following news of a possible 60-day truce between the United States and Iran.

At 8:00 AM, the ringgit was quoted at 3.9755/9815 against the greenback, firmer compared to Thursday’s closing level of 3.9770/9805.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid expects the ringgit to trade within the RM3.95 to RM3.97 range for the rest of the day.

“The news on the possible 60-day US-Iran truce has caused Brent crude oil prices to fall by 1.04% to US$93.31 per barrel. Although the news is still unconfirmed, the market has reacted positively,” he said.

Dr Afzanizam added that investors appear to be growing tired of prolonged geopolitical uncertainties and unstable negotiations.

Meanwhile, US economic indicators showed mixed results. The Personal Consumption Expenditures (PCE) inflation rate rose to 3.8% in April from 3.5% the previous month. Initial jobless claims also increased to 215,000 last week. These developments contributed to a slight weakening of the US Dollar Index (DXY), which declined 0.21% to 98.997.

Performance Against Other Currencies

The ringgit showed mixed movements against major currencies:

• British Pound: Weaker at 5.3447/3527
• Euro: Weaker at 4.6323/6392
• Japanese Yen: Slightly weaker at 2.4961/5000
• Singapore Dollar: Weaker at 3.1151/1201
• Thai Baht: Weaker at 12.2083/2338

The ringgit remained relatively stable against the Indonesian Rupiah and Philippine Peso.

This early gain reflects growing optimism in the market as hopes for easing geopolitical tensions in West Asia help support regional currencies.