Kuala lumpur: The ringgit opened higher against the US dollar and most regional peers on Friday, buoyed by easing geopolitical tensions in West Asia which improved sentiment towards the local currency. At 8 am, the ringgit appreciated to 4.0505/0615 against the greenback from Thursday's close of 4.0650/0690.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the ringgit's performance to United States President Donald Trump's indication that a deal with Iran was close to being finalized. This development could lead to the resumption of shipping activities in the Strait of Hormuz.

Meanwhile, crude oil prices, including West Texas Intermediate (WTI) and Brent, fell by 1.97 percent and 2.92 percent to US$85.98 per barrel and US$90.38 per barrel, respectively. Additionally, the US Dollar Index (DXY) decreased by 0.28 percent to 99.672 points. The US initial jobless claims also rose for the third consecutive week to 229,000 last week.

The local currency experienced mixed trading against a basket of major currencies. It gained against the Japanese yen, trading at 2.5293/5364 compared to 2.5321/5347, but weakened against the British pound to 5.4337/4485 from 5.4325/4378 and the euro to 4.6889/7016 from 4.6878/6924 at Thursday's close.

Regionally, the ringgit was mostly stronger. It appreciated against the Singapore dollar to 3.1541/1632 from 3.1556/1589, rose against the Indonesian rupiah to 225.1/225.8 from 225.9/226.2, and strengthened against the Philippine peso to 6.60/6.62 from 6.62/6.63. However, the local currency eased against the Thai baht to 12.3623/4023 from 12.3331/3501 on Thursday.