Ringgit ends higher against regional peers, down against greenback

 Market attention remained focused on the US-Iran negotiations, which had shown little progress, says an analyst.

KUALA LUMPUR:

 The ringgit closed higher against regional peers and was mixed versus major currencies today as investors monitored developments in the US-Iran negotiations and the upcoming US-China talks.

At 6pm, however, the ringgit weakened against the US dollar to 3.9220/3.9260 from 3.9185/3.9230 at last Friday’s close.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said market attention remained focused on the US-Iran negotiations, which had shown little progress.

He said investors were also awaiting the high-stakes meeting between US president Donald Trump and Chinese president Xi Jinping in Beijing from May 14-15, 2026.

“Meanwhile, the US Federal Reserve (Fed) appears unlikely to cut interest rates in the near-term, while the appointment of new Fed chairman Kevin Warsh will also be closely monitored, particularly his inclination to balance growth and inflation,” he told Bernama.

At the close, the ringgit traded mostly higher against a basket of major currencies.

It appreciated against the Japanese yen to 2.4955/2.4983 from 2.5010/2.5040 and strengthened versus the British pound to 5.3331/5.3383 from 5.3354/5.3416, but eased against the euro to 4.6150/4.6197 from 4.6121/4.6174 at last Friday’s close.

The local currency also traded higher against regional peers.

It rose against the Singapore dollar to 3.0887/3.0921 from 3.0910/3.0948, strengthened versus the Thai baht to 12.0900/12.1083 from 12.1640/12.1844, gained against the Indonesian rupiah to 225.2/225.5 from 225.4/225.7, and advanced against the Philippine peso to 6.41/6.42 from 6.46/6.47 previously. - FMT