Kuala lumpur: The ringgit rebounded to the 3.95 level against the US dollar at today's close, buoyed by hopes of a second round of talks between the United States and Iran, an analyst said.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid indicated that a second round of negotiations between the US and Iran could take place soon, easing tensions and supporting demand for the local currency. This anticipation comes as the two-week ceasefire is set to expire next week. The latest developments have also contributed to a decrease in West Texas Intermediate (WTI) and Brent crude oil prices, which have fallen below US$100 per barrel.

At the time of writing, WTI and Brent crude prices saw declines of 2.33 per cent and 0.64 per cent, registering at US$96.77 and US$98.72 per barrel, respectively.

At the close, the ringgit traded mixed against a basket of major currencies. It weakened against the British pound to 5.3495/3556 from 5.3360/3454 and declined versus the euro to 4.6567/6620 from 4.6434/6516. However, it strengthened against the Japanese yen to 2.4847/4877 from 2.4875/4920 at Monday's close.

On the other hand, the local currency saw gains against ASEAN currencies. It rose against the Singapore dollar to 3.1053/1091 from 3.1145/1205 and gained versus the Indonesian rupiah to 230.6/231.0 from 232.2/232.8. The ringgit also strengthened against the Thai baht to 12.3183/3397 from 12.3202/3503 and edged up versus the Philippine peso to 6.59/6.61 from 6.60/6.62 previously.