KUALA LUMPUR: The ringgit closed slightly weaker against the US dollar on Wednesday as investors shifted towards safe-haven assets, while trading mostly higher against other major and regional currencies.
At 6 pm, the local currency stood at 3.9510/9550 against the greenback, compared with 3.9490/9530 on Tuesday.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit remained range-bound against the US dollar, hovering between RM3.9528 and RM3.9575.
He said markets remained cautious amid a lack of fresh developments in negotiations between the United States and Iran.
"Traders and investors are hopeful that a near-term compromise could extend the ceasefire and facilitate the eventual reopening of the Straits of Hormuz,” he told Bernama.
At the close, the ringgit traded mostly higher against a basket of major currencies.
It strengthened against the euro to 4.6408/6455 from 4.6436/6483 on Tuesday and appreciated versus the Japanese yen to 2.4794/4821 from 2.4802/4829, but weakened against the British pound to 5.3414/3468 from 5.3323/3377.
The local currency also traded firmer against regional peers.
It advanced against the Singapore dollar to 3.1030/1063 from 3.1043/1077 and inched up against the Thai baht to 12.2717/2902 from 12.2983/3162.
The ringgit rose against the Indonesian rupiah to 229.9/230.2 from 230.3/230.7 and gained against the Philippine peso to 6.57/6.58 from 6.59/6.60 previously. - Bernama
