Ringgit Almost Flat Vs US Dollar Amid Ongoing Middle East Conflict

By Siti Noor Afera Abu

KUALA LUMPUR, June 17 (Bernama) -- The ringgit ended nearly flat against the US dollar on Tuesday as investors stayed cautious amid the ongoing military conflict in the Middle East.

At 6 pm, the local note stood at 4.2390/2475 versus the greenback compared to yesterday’s close of 4.2370/2450.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit-greenback pair continued to trade sideways during the day.

He said similarly, the US Dollar Index (DXY) remained below 100 points while Brent crude oil prices fell 0.46 per cent to US$72.89 per barrel.

He explained that although geopolitical risks have increased, the impact on financial markets remains relatively manageable, at least for the time being.

“The Middle East situation will continue to be on traders' and investors' radar in the immediate term,” he told Bernama.

Looking ahead, Mohd Afzanizam said the US Federal Reserve’s future monetary policy decisions would also be influenced by tariff-related shocks.

At the close, the ringgit traded higher against a basket of major currencies.

It rose versus the Japanese yen to 2.9271/9332 from 2.9397/9455 at Monday’s close, strengthened against the British pound to 5.7413/7528 from 5.7555/7664 yesterday, and increased vis-à-vis the euro to 4.8986/9084 from 4.9077/9170 previously. 

The ringgit was also stronger against its ASEAN peers.

It edged up versus the Indonesian rupiah to 260.2/260.8 from 260.4/261.2 on Monday and rose against the Philippine peso to 7.48/7.49 from 7.51/7.53 yesterday.

The local currency also gained against the Singapore dollar to 3.3068/3137 from 3.3102/3167 at the previous close and firmed vis-a-vis the Thai baht to 13.0114/0443 from 13.0389/0696 previously.

-- BERNAMA