THE ringgit opened almost unchanged against the US dollar on Monday as investors shifted towards safe-haven assets amid heightened geopolitical tensions and surging energy prices linked to renewed instability in the Middle East.
At 8am, the local currency eased slightly to 3.9520/9600 against the US dollar, compared with 3.9505/9545 at Friday’s close.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said global markets were reacting to rising uncertainty, particularly after oil prices surged sharply on developments in West Asia.
West Texas Intermediate and Brent crude rose 7.29 per cent and 6.07 per cent respectively, reaching US$89.96 and US$95.87 per barrel, as supply concerns intensified following renewed disruptions in the Strait of Hormuz.
“The Strait of Hormuz was closed again shortly after the Iranian government announced the reopening on Saturday,” he said.
He added that the US dollar index was also strengthening, rising 0.19 per cent to 98.282 points, reflecting broader risk aversion in financial markets.
“On that note, the ringgit is likely to stay weak today. Time is also running short, as the two-week ceasefire would end this week.
“The immediate concern now is whether the ceasefire can be extended further to allow more diplomatic discourse to take place. For now, it's going to be the risk-off mode,” he told Bernama.
Against other major currencies, the ringgit showed mixed performance. It strengthened against the British pound to 5.3289/3397 from 5.3454/3508, rose against the euro to 4.6412/6506 from 4.6588/6635, and edged higher against the Japanese yen to 2.4832/4884 from 2.4838/4865.
The local currency also traded mixed against ASEAN peers. It strengthened against the Singapore dollar to 3.1033/1100 from 3.1053/1086, weakened against the Thai baht to 12.3096/3418 from 12.3084/3274, slipped slightly against the Indonesian rupiah to 229.9/230.4 from 229.8/230.1, and was unchanged against the Philippine peso at 6.58/6.60. - April 20, 2026
