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THE ringgit opened stronger against the US dollar on Tuesday, buoyed by improved investor sentiment following signs that the conflict involving Iran may de-escalate, although analysts cautioned that global markets remain wary.
At 8am, the Malaysian currency strengthened to 3.9420/3.9605 against the US dollar compared with Monday’s closing level of 3.9590/3.9655.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said global financial markets responded positively after United States President Donald Trump suggested that the war involving Iran could soon come to an end.
“However, it remains to be seen how sustainable such promises are, but equities rallied nonetheless.
“There were also discussions among G7 countries about releasing strategic oil reserves, suggesting concerns over the potential impact of the war in Iran on their respective economies,” he told Bernama.
Afzanizam noted that the ringgit had ended Monday’s session 0.36 per cent weaker against the US dollar at RM3.9623, while the US Dollar Index remained relatively strong at 99.175 points.
He said the easing of global oil prices had provided some support to market sentiment, with Brent crude falling below the US$100 per barrel mark.
“The decline in Brent crude prices is positive, but the main question is how sustainable the fall will be. Iran has installed a new Supreme Leader, and a hardline stance on the war is likely to be maintained.
“As such, we expect the ringgit to trade within a narrow range today,” he said.
Despite gaining against the US dollar, the ringgit was weaker against most other major currencies during early trading, with the exception of the Japanese yen.
The Malaysian currency strengthened against the yen to 2.4967/2.5086 from 2.4992/2.5035 at Monday’s close.
However, it slipped against the British pound to 5.2910/5.3158 compared with 5.2809/5.2896 previously, and weakened against the euro to 4.5786/4.6001 from 4.5738/4.5813. - March 10, 2026
