The local currency weakens to 4.0745/4.0830 as global markets are expected to remain in risk-off mode.
At 8am, the local currency weakened to 4.0745/4.0830 against the US dollar from Tuesday’s close of 4.0685/4.0735.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said global financial markets were expected to remain in risk-off mode following US military strikes against Iranian forces and the US treasury department’s decision to revoke a waiver on Iranian oil sales.
“This suggests the ceasefire remains fragile, prompting a 6.13% jump in Brent crude prices to US$76.40 per barrel,” he noted.
At the opening, the ringgit strengthened against a basket of major currencies.
It rose against the Japanese yen to 2.5092/2.5146 from 2.5179/2.5221 at Tuesday’s close, appreciated against the British pound to 5.4378/5.4492 from 5.4668/5.4755, and gained against the euro to 4.6453/4.6550 from 4.6696/4.6771.
The local currency also traded higher against most regional currencies.
It strengthened against the Singapore dollar to 3.1495/3.1563 from 3.1593/3.1648 at Tuesday’s close, appreciated against the Indonesian rupiah to 226.6/227.1 from 226.8/227.2, and gained against the Thai baht to 12.1965/12.2278 from 12.2545/12.2807.
It was unchanged against the Philippine peso at 6.63/6.65. - FMT
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