The ringgit appreciated against the US dollar on Monday but cautious sentiment persisted amid escalating geopolitical tensions in West Asia. Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, said the prolonged stalemate between the US and Iran was likely to be protracted and that the recent attack on the United Arab Emirates' nuclear facility suggested that the war would likely be prolonged. Both countries could use the Strait of Hormuz as their leverage.
KUALA LUMPUR: The ringgit opened slightly higher against the US dollar on Monday although cautious sentiment persisted amid escalating geopolitical tensions in West Asia . At 8 am, the local unit rose to 3.9495/9605 against the greenback from Friday’s close of 3.9515/9580.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said market sentiment remained cautious as the prolonged stalemate between the US and Iran continued to raise concerns over a wider conflict in the region.
"The stalemate between the US and Iran seems likely to be protracted and the recent attack on the United Arab Emirates’ nuclear facility suggests that the war would likely be prolonged. "By extension, the closure of the Strait of Hormuz would also be the case as both countries would use the waterway as their leverage,” he told Bernama.
The local note appreciated against the British pound to 5.2572/2718 from 5.2749/2835 at Friday’s close, strengthened against the euro to 4.5873/6001 from 4.5948/6024 previously and rose against the Japanese yen to 2.4863/4934 from 2.4927/4968. It advanced against the Thai baht to 12.0684/1083 from 12.0989/1247, improved against the Singapore dollar to 3.0824/0915 from 3.0871/0927 and edged higher against the Indonesian rupiah to 224.4/225.1 from 224.5/225.0 previously. The local currency was almost unchanged against the Philippine peso at 6.40/6.42 from 6.40/6.41 previously. - Bernama
Ringgit US Dollar West Asia Escalating Geopolitical Tensions Stalemate Between The US And Iran Possible Prolonged Conflict In The Region United Arab Emirates Nuclear Facility Attack Strait Of Hormuz Closure Cautious Sentiment Bank Muamalat Malaysia Bhd Mohd Afzanizam Abdul Rashid Sterling Pound Euro Yen Australian Dollar New Zealand Dollar Canadian Dollar Philippine Peso
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Ringgit opens slightly higher vs US dollar amid geopolitical tensions in West Asia, Afzanizam Rashid's cautious sentiment prevailsThe ringgit opened slightly higher against the US dollar on Monday, although cautious sentiment persisted amid escalating geopolitical tensions in West Asia. At 8am, the local unit rose to 3.9495/3.9605 against the greenback from Friday's close.
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