Kuala lumpur: The ringgit concluded trading mostly higher against major currencies on Tuesday, though it experienced a slight dip against the US dollar as market participants kept a close watch on the ongoing negotiations between the United States and Iran regarding developments in West Asia.
According to BERNAMA News Agency, the ringgit slipped to 3.9745/9785 against the greenback from the previous day's 3.9720/9770 close. Bank Muamalat Malaysia Bhd's chief economist, Dr Mohd Afzanizam Abdul Rashid, noted that the market is keenly awaiting further progress in the US-Iran talks as they continue to unfold.
Meanwhile, oil prices reflected the cautious optimism in the market, with WTI and Brent crude prices dropping by 0.15 percent and 1.51 percent, respectively. This decline brought WTI crude to US$108.50 per barrel and Brent crude to US$110.41 per barrel, suggesting that hopes for a resolution to the conflict are influencing market sentiment.
Adding to the economic landscape, the Department of Statistics Malaysia (DOSM) reported a 1.9 percent year-on-year increase in Malaysia's inflation rate as measured by the Consumer Price Index (CPI) for April 2026. The CPI rose to 136.9 from 134.3 in April of the previous year. Malaysia's inflation rate remains lower compared to several neighboring countries, including the Philippines, Vietnam, Thailand, the Republic of Korea, and Indonesia.
The ringgit showed strength against a basket of major currencies by the day's end. It appreciated against the Japanese yen, trading at 2.4980/5006 from 2.4991/5024, and also gained ground on the euro, closing at 4.6180/6226 from 4.6214/6272. However, it saw a decline against the British pound, slipping to 5.3282/3336 from 5.3078/3145.
In regional trading, the ringgit displayed mixed performance. It gained against the Singapore dollar, moving to 3.1022/1055 from 3.1036/1078, and strengthened against the Indonesian rupiah, trading at 224.4/224.8 from 224.8/225.1. Conversely, it eased against the Thai baht, closing at 12.1719/1898 from 12.1646/1848, and remained flat against the Philippine peso at 6.43/6.45.