KUALA LUMPUR, April 2 — The ringgit opened higher against the US dollar and major currencies today, supported by optimism that geopolitical tensions may be easing, although the broader market tone remains cautious.
At 8 am, the local currency rose to 4.0170/0370 against the greenback from Wednesday’s close of 4.0240/0295.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said attention is now focused on United States President Donald Trump, who is scheduled to address the nation at 9 am Malaysian time, with expectations that he may signal a winding down of the conflict in West Asia.
“Markets will be looking for clarity on de-escalation terms, and most critically, the reopening of the Strait of Hormuz, which remains central to global energy flows and the overall market,” he told Bernama.
He said a softer US dollar alongside firm gold prices suggests investors are still favouring safe-haven assets over a full return to risk, indicating that confidence remains tentative.
Meanwhile, the ringgit also opened higher against a basket of major currencies.
It strengthened against the British pound to 5.3430/3696 from 5.3507/3580 at yesterday’s close, improved against the Japanese yen to 2.5309/5436 compared with 2.5358/5394 previously, and gained versus the euro to 4.6553/6785 from 4.6666/6730.
At the same time, the local currency traded mostly higher against ASEAN currencies.
It rose against the Singapore dollar to 3.1305/1465 from 3.1369/1414 at Wednesday’s close, edged up against the Philippine peso to 6.67/6.71 from 6.68/6.69, and climbed versus the Indonesian rupiah to 236.5/237.8 from 236.9/237.3.
However, it slipped against the Thai baht to 12.3126/3823 from 12.2726/2926 previously.
