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THE ringgit opened stronger against the US dollar on Tuesday, supported by improved global sentiment following developments in the oil market that eased immediate concerns over supply disruptions.
At the start of trading, the local currency rose to 3.9195/9315 against the greenback, compared with Monday’s closing level of 3.9260/9310.
Analysts said the move came as the US dollar weakened broadly while oil prices retreated after international efforts aimed at stabilising energy supply.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index fell 0.65 per cent to 99.712, while Brent crude declined 2.84 per cent to US$100.21 per barrel.
“Measures by the International Energy Agency (IEA) to withdraw from strategic petroleum reserves, along with calls by US President Donald Trump for other nations to assist in ensuring the safe passage of vessels through the Strait of Hormuz, give the impression that oil supplies should improve in the immediate term,” he said.
He added that the more positive outlook in global markets also helped lift US equities overnight, with major stock indices including the S&P 500 and Nasdaq each rising by more than one per cent.
Despite the firmer tone in financial markets, investors are expected to remain cautious as attention turns to the US Federal Reserve’s upcoming policy meeting.
Mohd Afzanizam said traders would closely watch the two-day Federal Open Market Committee meeting, which begins later today, for fresh signals on the US economic outlook and the central bank’s quarterly projections.
“Yesterday, the ringgit closed 0.26 per cent higher against the greenback. Nonetheless, market uncertainties remain heightened.
“As such, expect the US dollar–ringgit pair to trade around RM3.92 to RM3.94 today,” he said.
Against other major currencies, the ringgit traded mixed in early dealings.
The Malaysian currency strengthened against the Japanese yen to 2.4629/4706 from 2.4639/4672 at Monday’s close, but weakened against the British pound to 5.2176/2336 from 5.2008/2074 and declined against the euro to 4.5066/5204 from 4.4945/5002.
The ringgit was also slightly lower against several regional currencies. It edged down against the Singapore dollar to 3.0659/0756 from 3.0650/0692 and slipped against the Thai baht to 12.1062/1530 from 12.0644/0857.
However, it strengthened marginally against the Indonesian rupiah to 230.5/231.4 from 230.9/231.3 and rose against the Philippine peso to 6.54/6.57 from 6.55/6.56 previously. - March 17, 2026