The ringgit opened lower against the US dollar, driven by market sentiment that continues to hinge on the prospects of a ceasefire between the United States (US) and Iran.
At 10:00 am, the ringgit was trading at 3.9840, down 0.56% against the US dollar since opening early Thursday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the ringgit was trading at a stable position against the US dollar as the market awaits the possibility of peace talks between the US and Iran.
He also noted that market participants are still cautious about whether this war will end soon, while other countries are struggling with rising fuel prices.
Mohd Afzanizam, Brent oil prices fell 1.21% to $103.23 per barrel, while gold prices rose 0.68% to $4,506 per troy ounce.
At the open, the ringgit traded higher against other major currencies.
It rose against the euro to 4.5728/5971 from 4.5963/6021, rose against the Japanese yen to 2.4813/4948 and edged up against the British pound to 5.2847/3127 from 5.3087/3154 previously.
Meanwhile, the ringgit traded stronger against ASEAN currencies.
It strengthened against the Singapore dollar to 3.0869/1038 from 3.0965/1007 and gained against the Indonesian rupiah to 233.8/235.2 from 234.2/234.6.
It also increased against the Thai baht to 12.0645/1375 from 12.1336/1557 and rose against the Philippine peso to 6.58/6.62 from 6.59/6.60 previously.
