Accra:The ringgit rose slightly against the US dollar at the market's opening, driven by positive sentiment surrounding Budget 2027. At 8 am, the ringgit stood marginally higher at 4.0815/0900 compared to Monday's close of 4.0820/0865.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam, noted that despite the ringgit's gains, heightened geopolitical tensions in West Asia and potential increases in US inflation could bolster the US dollar. He pointed out that recent missile attacks in Riyadh, Saudi Arabia, could escalate into a broader conflict, disrupting crude oil supplies. This has already led to a 1.38% rise in Brent crude oil prices to US$106.16 per barrel. Meanwhile, the US Dollar Index has increased by 0.35% to 102.573 points, with expectations that the US Consumer Price Index inflation rate will rise to 3.6% in September from 3.4% in August.

Dr. Mohd Afzanizam also indicated that the ringgit is likely to continue trading within a narrow range.

At the opening, the ringgit showed strength against a range of major and ASEAN currencies. It weakened against the Japanese yen to 2.5748/5803 from 2.5739/5769 but gained against the British pound to 5.3913/4025 from 5.4017/4077 and the euro to 4.5545/5640 from 4.5637/5687.

Against ASEAN currencies, the ringgit edged up against the Indonesian rupiah to 227.8/228.4 from 227.9/228.2 and remained nearly stable against the Philippine peso at 6.50/6.52. It also strengthened against the Singapore dollar to 3.1864/1933 from 3.1873/1911 and the Thai baht to 12.1318/1628 from 12.1391/1568.