Uncertainty over US-Iran peace talks and the reopening of the Strait of Hormuz continues to weigh on trader and investor sentiment, says an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit oscillated between 3.9515 and 3.9583, with geopolitical tensions continuing to dominate sentiment.
The greenback earlier rose to a one-week high, with the US Dollar Index recovering recent losses to 98.47, while the ringgit continued to trade within a narrow band.
“Uncertainties over peace talks between the US and Iran, as well as the reopening of the Strait of Hormuz, continue to cloud sentiment among traders and investors. West Texas Intermediate and Brent crude prices were up 7.10% and 6.02%, at US$89.80 and US$95.82 per barrel respectively,” he told Bernama.
At 6pm, the local note stood at 3.9515/3.9555 against the greenback, compared with 3.9505/3.9545 on Friday.
At the close, the ringgit traded mostly higher against a basket of major currencies.
It strengthened against the British pound to 5.3412/5.3466 from 5.3454/5.3508 at Friday’s close, rose against the euro to 4.6489/4.6536 from 4.6588/4.6635, but eased versus the Japanese yen to 2.4863/2.4890 from 2.4838/2.4865.
The local currency traded mostly lower against regional peers.
It slipped against the Singapore dollar to 3.1077/3.1111 from 3.1053/3.1086, and edged down against the Indonesian rupiah to 230.1/230.5 from 229.8/230.1.
The ringgit was little changed against the Thai baht at 12.3127/12.3313 from 12.3084/12.3274, and was steady against the Philippine peso at 6.58/6.60 compared with 6.58/6.59 previously. - FMT
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