Ringgit strengthens for third day amid US-Iran ceasefire speculation

THE Malaysian ringgit continued its upward trajectory for a third consecutive session on Thursday, opening higher against the US dollar as markets remained focused on the prospects of a ceasefire between the United States and Iran.

By 8am, the local currency was quoted at 3.9550/9760 against the greenback, improving from Wednesday’s close of 3.9620/9670.

Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the ringgit had traded steadily as investors awaited the eventual outcome of possible US-Iran negotiations.

“Market participants are nevertheless still wary whether the war will end soon, while globally, countries are grappling with rising fuel prices,” he told Bernama.

Mohd Afzanizam added that Brent crude had declined 1.21 per cent to US$103.23 per barrel, while spot gold prices rose 0.68 per cent to US$4,506 per troy ounce.

He also noted that US equities were slightly higher and that the US Dollar Index remained below the 100-point threshold.

Meanwhile, Stephen Innes, managing partner at SPI Asset Management, said fears were building in the currency market amid growing speculation of a US move to seize control of Iranian oil flows via Kharg Island.

“This is effectively creating a de facto embargo after Tehran rejected Washington's 15-point ceasefire proposal,” he said, highlighting ongoing geopolitical uncertainties affecting global markets.

The ringgit also closed higher against a basket of other major currencies. It strengthened against the Japanese yen to 2.4813/4948 from 2.4935/4969, edged up against the British pound to 5.2847/3127 from 5.3087/3154, and appreciated versus the euro to 4.5728/5971 from 4.5963/6021.

Regional currencies saw similar gains, with the ringgit rising against the Singapore dollar to 3.0869/1038 from 3.0965/1007, the Thai baht to 12.0645/1375 from 12.1336/1557, the Indonesian rupiah to 233.8/235.2 from 234.2/234.6, and the Philippine peso to 6.58/6.62 from 6.59/6.60.

The steady performance reflects cautious optimism among investors amid the uncertain geopolitical landscape and ongoing volatility in global commodity prices. - March 26, 2026