THE ringgit began trading on Tuesday with little movement against the US dollar, while showing gains against several major global currencies, as markets remained cautious ahead of US President Donald Trump’s looming deadline on the reopening of the Strait of Hormuz.
At 8am, the local currency was quoted at 4.0245/4.0360 against the greenback, nearly unchanged from Monday’s close of 4.0245/4.0320.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the ongoing diplomatic talks between the United States and Iran offered some prospects of easing tensions, but warned that the situation remained “highly fluid.”
“Thus far, the US Dollar Index has hovered below the 100-point mark, at around 99.981, while the US ISM services index fell to 54.0 in March from 56.1 previously, with the employment sub-index dropping to 45.2 from 51.8,” he noted.
He added that the ringgit closed 0.10 per cent higher at 4.0282 against the US dollar on Monday.
“Amid the uncertainty, the ringgit is likely to trade within a narrow range of around 4.02 to 4.04 today,” Afzanizam said.
While the ringgit remained mostly flat against the US dollar, it registered gains against other major currencies at Tuesday’s opening. It strengthened against the Japanese yen to 2.5200/2.5274 from 2.5241/2.5290 at Monday’s close, appreciated against the euro to 4.6443/4.6575 from 4.6483/4.6570, and rose versus the British pound to 5.3252/5.3404 from 5.3305/5.3404.
The local currency also showed positive movement against regional peers, strengthening against the Singapore dollar to 3.1317/3.1409 from 3.1346/3.1407 and edging higher against the Thai baht to 12.3504/12.3933 from 12.3831/12.4138.
Investors continue to monitor developments in the Strait of Hormuz closely, given its critical role in global oil shipments and the potential implications for currency and commodity markets. - April 7, 2026
