Kuala lumpur: The ringgit concluded the week with gains against most major currencies, although it experienced a slight decline against the US dollar. This shift came as the US dollar regained strength, driven by increased demand as a safe haven amid the ongoing conflict in the Middle East.

According to BERNAMA News Agency, at 6 pm, the ringgit was valued at 3.9425/9535 against the US dollar, in comparison to 3.9415/9480 at Thursday's closing rate. Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, highlighted the ringgit's weaker stance against the greenback, as the USD/MYR reached RM3.9533 during the afternoon trading session. Presently, the dollar-ringgit exchange rate is at RM3.9503, marking a depreciation from last Friday's close of RM3.8925, which translates to a 1.5 percent decline.

The economist noted that market sentiment in the upcoming week is expected to focus on developments in Iran and the potential for the conflict to escalate into a regional crisis. Despite this, the ringgit showed strength against a basket of major currencies at the close of the trading week.

The ringgit appreciated against the British pound, rising to 5.2530/2676 from 5.2635/2722 the previous day, and strengthened against the euro, reaching 4.5634/5762 from 4.5808/5884. It also improved against the Japanese yen, trading at 2.4973/5044 compared to 2.5080/5124 previously.

In relation to its ASEAN counterparts, the ringgit demonstrated a firmer stance. It gained against the Thai baht, improving to 12.3392/3810 from 12.4711/5016 on Thursday, and appreciated versus the Singapore dollar, moving to 3.0779/0867 from 3.0885/0938. The ringgit also climbed against the Indonesian rupiah to 232.9/233.6 from 233.1/233.6 and ended higher against the Philippine peso at 6.68/6.70 from 6.72/6.74.