Kuala Lumpur, 9 April 2026 – The Malaysian ringgit closed mostly higher against major and regional currencies on Thursday, although it slipped slightly against the US dollar as lingering geopolitical tensions continued to influence market sentiment.
At 6pm, the local currency eased to 3.9795/9845 against the US dollar, compared with 3.9735/9785 at the previous close, reflecting cautious trading amid uncertainty surrounding the durability of the US-Iran ceasefire.
Risk Aversion Limits Upside
Market sentiment remained fragile as reports of potential ceasefire violations in the Middle East triggered renewed concerns. This led to a rebound in global oil prices, with Brent and WTI crude rising over 3%, reinforcing risk-averse positioning among investors.
Analysts noted that such geopolitical developments typically strengthen the US dollar as a safe-haven asset, placing short-term pressure on emerging market currencies including the ringgit.
Gains Against Major Currencies
Despite the slight dip versus the greenback, the ringgit strengthened against several major currencies:
- British pound: improved to 5.3337/3404
- Japanese yen: rose to 2.5028/5061
- Euro: weakened marginally to 4.6457/6515
The overall performance reflects a mixed but relatively resilient position for the ringgit, supported by regional currency strength and improved investor sentiment earlier in the week.
Stronger Against ASEAN Peers
The local note also performed positively against most ASEAN currencies:
- Indonesian rupiah: strengthened to 232.8/233.2
- Thai baht: rose to 12.3976/4201
- Philippine peso: appreciated to 6.66/6.67
However, it slipped slightly against the Singapore dollar, trading at 3.1204/1246.
Outlook Remains Data and Geopolitics Driven
Market participants expect the ringgit to remain range-bound in the near term, with movements closely tied to geopolitical developments and oil price trends.
The durability of the ceasefire in the Middle East will be a key determinant of risk sentiment, while fluctuations in energy prices could continue to influence currency performance.
For investors, the latest movement underscores a familiar theme: the ringgit’s trajectory remains highly sensitive to external shocks, even as underlying domestic fundamentals provide some degree of support.
