Kuala lumpur: The ringgit experienced a slight increase against the US dollar on Monday, bolstered by a backdrop of decreased crude oil prices. At the start of the trading day, the local currency was valued at 4.0855/0950 against the greenback, improving from its previous close of 4.0860/0910 last Friday.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, noted that the prices of West Texas Intermediate and Brent crude were approximately US$69.87 and US$72.46 per barrel, respectively. The ongoing negotiations between the United States and Iran were also highlighted as a factor in the currency's performance. Dr. Mohd Afzanizam remarked on the continued shipping activities in the Straits of Hormuz, indicating potential resolutions to oil shortages, which could influence the US dollar/ringgit pairing to fluctuate between RM4.08 and RM4.10 throughout the day.

In addition to its performance against the US dollar, the ringgit opened on a stronger note against a selection of major currencies. It gained ground against the British pound, trading at 5.3929/4054 from the previous 5.4013/4079, and rose against the euro to 4.6526/6634 from 4.6605/6662. The ringgit also saw a marginal increase against the Japanese yen, trading at 2.5258/5318 compared to 2.5283/5316 before.

Regionally, the ringgit displayed mixed results. It appreciated against the Singapore dollar, reaching 3.1560/1639 from 3.1581/1625, and maintained a nearly flat position against the Indonesian rupiah at 227.9/228.6, slightly changing from 227.9/228.3. Against the Philippine peso, it remained stable at 6.66/6.68 from 6.66/6.67 previously. The local currency showed an increase against the Thai baht, trading at 12.2284/2627, up from 12.2445/2643.