KUALA LUMPUR, March 30 -- The ringgit and other regional currencies continued to weaken against the US dollar on Monday as investors sought safety in safe-haven assets amid escalating tensions in the US-Israel war.
At 6 pm, the local currency fell to 4.0280/0350 against the greenback from last Friday’s close of 4.0105/0140.
Regional currencies, including the Singapore dollar, Indonesian rupiah and Philippine peso, also weakened against the US dollar.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said that despite market jitters, JP Morgan has issued a positive review, noting that Malaysia is well-positioned to withstand current challenges.
“Malaysia is still a net oil exporter, and fiscal consolidation exercise in the past two years may have contributed to improving fiscal space, which should be positive for the ringgit,” Mohd Afzanizam said.
--BERNAMA
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