Business

Ringgit Opens Slightly Higher Against US Dollar Amid Cautious Market Sentiment

KUALA LUMPUR, March 16 — The ringgit opened slightly higher against the United States dollar on Monday, supported by the greenback’s moderate weakness, although persistent geopolitical uncertainties and elevated oil prices capped gains.

At 8 am, the local currency strengthened to 3.9300/9455 against the US dollar compared with 3.9365/9410 at last Friday’s close.

Chief Economist of Bank Muamalat Malaysia Bhd, Mohd Afzanizam Abdul Rashid, said market sentiment is expected to remain cautious amid rising geopolitical risks in West Asia and sustained high crude oil prices, with Brent crude oil hovering above US$100 per barrel.

He noted that if the conflict involving Iran does not ease, concerns over potential disruptions in the Strait of Hormuz and possible damage to oil and gas facilities in the Gulf region could significantly affect global commodity trade flows.

“In addition, the geopolitical landscape continues to evolve given that the existence of US military bases in West Asia does not necessarily guarantee its security,” he told Bernama.

Commenting on reports suggesting Iran may allow oil shipments through the Strait of Hormuz if cargo is traded in Chinese yuan, Mohd Afzanizam said such a development could lead to deeper shifts in global financial and geopolitical alignments.

“In this regard, the US ‘dedollarisation’ process has now reached a new level as it becomes increasingly closely linked to geopolitics,” he said.

He added that the US dollar’s share of global foreign exchange reserves has declined from 71.1 per cent in the first quarter of 1999 to 56.9 per cent in the third quarter of 2025.

Investors are also closely watching the upcoming meeting of the Federal Open Market Committee (FOMC) scheduled for March 17 to 18, where policymakers are expected to release their latest quarterly economic projections.

“In December 2025, staff at the Federal Reserve projected that the Personal Consumption Expenditures Price Index inflation rate would ease to 2.4 per cent in 2026, compared with **2.6 per cent projected in September 2025,” he said.

Mohd Afzanizam expects the ringgit to trade within a narrow range against the US dollar today, likely between RM3.92 and RM3.95.

At the opening, the ringgit also strengthened against a basket of major currencies.

It rose against the Japanese yen to 2.4630/4729 from 2.4683/4715, strengthened against the British pound to 5.2057/2262 from 5.2214/2273, and appreciated against the euro to 4.4940/5117 from 4.5093/5144 previously.

The local currency also traded higher against most ASEAN currencies.

The ringgit gained against the Singapore dollar to 3.0641/0767 from 3.0730/0767, strengthened against the Thai baht to 12.1136/1696 from 12.1862/2062, rose against the Indonesian rupiah to 231.7/232.7 from 232.1/232.5, and edged higher against the Philippine peso to 6.58/6.61 from 6.59/6.60 previously.

–BERNAMA

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