THE ringgit opened slightly lower against the US dollar on Thursday, reflecting cautious market sentiment as investors awaited clearer direction from ongoing negotiations between the United States and Iran.
At the start of trading, the local currency eased to 3.9550/9600 against the greenback, compared with 3.9510/9550 at the previous close, as uncertainty over geopolitical developments continued to cloud near-term outlook.
According to Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid, the dollar-ringgit pair has been hovering around the RM3.95 level, with alternating waves of optimism and pessimism keeping trading largely directionless.
He noted that crude oil prices remained elevated, with West Texas Intermediate and Brent crude rising to US$92.96 and US$101.69 per barrel respectively, driven by a lack of progress in reopening the Strait of Hormuz.
The ongoing disruption to one of the world’s most critical oil shipping routes has continued to weigh on sentiment and the ringgit.
“At the same time, benchmark US equities closed higher overnight, with the S&P 500 hitting another record high, while US Treasury yields rose, signalling that prospects of higher inflation may prompt the Federal Reserve to maintain a restrictive monetary policy stance,” he told Bernama.
In early trade, the ringgit showed mixed performance against major currencies. It strengthened slightly against the British pound and the euro, but edged lower against the Japanese yen.
Against regional peers, the currency also traded unevenly. It posted gains against the Singapore dollar and Thai baht, but weakened against the Indonesian rupiah, while remaining largely unchanged versus the Philippine peso.
The overall movement reflects a market caught between supportive factors such as stronger equity performance and persistent headwinds from geopolitical risks and elevated energy prices, leaving investors cautious in the near term. - April 23, 2026
