KUALA LUMPUR: The ringgit opened almost flat against the Unites States (US) dollar today as market sentiment remained cautious following news that the US-Iran ceasefire originally expected to expire today has been extended to allow ongoing negotiations with Iran to conclude.
At 8:00 am, the local currency was nearly unchanged at 3.9495/9570 versus the greenback compared with 3.9490/9530 at yesterday’s close.
Bank Muamalat Malaysia Bhd’s Chief Economist, Dr Mohd Afzanizam Abdul Rashid, said US President, Donald Trump, in a last minute bid, announced that the ceasefire would continue until both sides reach an agreement although there was no confirmation in this matter by Iranian officials.
“It appears the market would need to familiarise themselves with the inconsistent messaging. While it does create a high degree of uncertainties, it also suggests some indecisiveness, leading to hopes that a compromise could be achieved at some point,” he told BERNAMA.
