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KUALA LUMPUR, JULY 2026 – The Malaysian ringgit opened slightly higher against the US dollar on Tuesday, supported by cautious market sentiment as investors continued to focus on the outlook for US Federal Reserve interest rates. At 8am, the ringgit rose to 4.0815/0880 against the US dollar, compared with Monday’s close of 4.0825/0875.
Despite the slight gain against the greenback, the local currency traded mostly lower against other major currencies, except the Japanese yen and Thai baht. The mixed performance reflected continued uncertainty in global currency markets as investors assessed the strength of the US economy and the Fed’s next policy move.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said investors remain focused on the Federal Reserve, while the resilience of the US services sector is expected to continue supporting the US dollar. He noted that the US Institute for Supply Management services index eased to 54.0 in June from 54.5 previously, but business sentiment in the sector remained relatively resilient.
Mohd Afzanizam also said comments by Federal Reserve Governor Christopher Waller, who reiterated the Fed’s commitment to bringing inflation back to its two per cent target, suggest that interest rates may remain higher for longer. This, in turn, could continue to support the US dollar in the near term.
At the opening bell, the ringgit weakened against the euro to 4.6696/6771 from 4.6543/6640 at Monday’s close. It also declined against the British pound to 5.4668/4755 from 5.4336/4449. However, the local note strengthened against the Japanese yen to 2.5179/5221 from 2.5203/5257.
Against regional currencies, the ringgit was also mostly lower. It slipped against the Singapore dollar to 3.1593/1648 from 3.1500/1571, eased against the Indonesian rupiah to 226.8/227.2 from 226.5/227.1, and declined against the Philippine peso to 6.63/6.65 from 6.62/6.64.
However, the ringgit strengthened against the Thai baht to 12.2545/2807 from 12.2627/2942 previously. The movement showed that while the ringgit managed to edge higher against the US dollar, broader currency performance remained uneven across the region.
