At 8 a.m., the ringgit was quoted at 4.0725/4.0780 to the dollar, compared with 4.0715/4.0765 at Friday’s close. Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia, said geopolitical risks would continue to shape market sentiment after the United States rejected Iran’s plan to reopen the Strait of Hormuz.
Tehran proposed last week that the strait be reopened to commercial ships within seven days. U.S. President Donald Trump rejected the proposal. Iranian Foreign Minister Abbas Araghchi said Tehran was awaiting an official response from the mediator. Afzanizam said traders would also watch U.S. labor-market data for clues about the economy’s direction.
The ringgit strengthened against the euro to 4.6333/4.6395 from 4.6378/4.6435 at Friday’s close, and against the pound to 5.3867/5.3940 from 5.3907/5.3973. It weakened against the Japanese yen to 2.5864/2.5900 from 2.5764/2.5797.
Among Southeast Asian currencies, the ringgit rose against the Singapore dollar to 3.1851/3.1897 from 3.1858/3.1900 and against the Thai baht to 12.1712/12.1946 from 12.2036/12.2234. It was unchanged against the Indonesian rupiah at 227.4/227.8 and the Philippine peso at 6.52/6.53.