The local currency strengthens to 4.0720/4.0815 as investors track developments in the Strait of Hormuz.The local currency strengthens to 4.0720/4.0815 as investors track developments in the Strait of Hormuz.
Ringgit gains ground against US dollar amid geopolitical caution
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KUALA LUMPUR: The ringgit opened slightly higher against the US dollar on Friday amid continued caution over vessel movements in the Strait of Hormuz as investors monitored geopolitical tension.
At 8am, the local currency strengthened to 4.0720/4.0815 against the US dollar from 4.0750/4.0795 at Thursday’s close.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit was also supported by yesterday’s Monetary Policy Committee (MPC) statement, which suggested that the Malaysian economy is on a stronger footing.
MORE TO COME
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