Kuala lumpur: The ringgit, along with several other regional currencies, saw a decline against the US dollar on Monday, as investors gravitated towards safe-haven assets in light of the escalating tensions in the ongoing US-Israel conflict. By the close of trading at 6 pm, the ringgit had weakened to 4.0280/0350 compared to its previous close of 4.0105/0140 last Friday.

According to BERNAMA News Agency, the decline was not isolated to the ringgit alone. Other regional currencies, such as the Singapore dollar, Indonesian rupiah, and Philippine peso, also experienced a drop against the US dollar. The situation reflects a broader market trend where investors, reacting to geopolitical uncertainties, are shifting their investments towards more stable currencies.

Bank Muamalat Malaysia Bhd's chief economist, Mohd Afzanizam Abdul Rashid, commented on the situation, noting that despite the current market unease, JP Morgan has provided a positive outlook for Malaysia's economic resilience. He highlighted Malaysia's position as a net oil exporter and the country's fiscal consolidation efforts over the past two years, which he believes have strengthened Malaysia's fiscal capacity and should bode well for the ringgit in the long run.