The ringgit opened higher against the US dollar today, supported by the recovering global market risk sentiment amid the ongoing US-Iran conflict.
At 9:36 am, the ringgit was trading at 3.9350, up 0.63% against the US dollar since opening early Tuesday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid informed that the US (US) equity market had recovered while US Treasury yields declined and Brent crude oil prices plunged below $100 per barrel.
This development came after President Donald Trump stated that the geopolitical conflict in Iran would end soon.
Mohd Afzanizam also stated that although certainty regarding the agreement has not yet been finalized, the equity market continues to show an upward trend.
At the opening, the ringgit was traded mixed against ASEAN currencies.
It depreciated against the British pound to 5.2910/3158 from 5.2809/2896, declined against the euro to 4.5786/6001 from 4.5738/5813, but rose against the Japanese yen to 2.4967/5086 from 24992/5035 yesterday.
The ringgit also traded higher against its ASEAN peers.
It rose slightly against the Singapore dollar to 3.0910/1058 from 3.0925/0978, gained against the Philippine peso to 6.62/6.66 from 6.65/6.67 and gained against the Indonesian rupiah to 232.5/233.7 from 233.5/234.0 previously.
However, it weakened against the Thai baht to 12.4095/4787 from 12.3345/3617 previously.
