At 8am, the local currency rose to 3.9730/3.9915 against the greenback, compared with Wednesday’s close of 3.9735/3.9785.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US dollar index (DXY) continued to hover below 100, at 99.013 this morning, giving a 0.85% decline.

Yesterday, the ringgit closed higher by 1.33% to 3.9735.

Nevertheless, he said the situation remains fragile, as any breach of the ceasefire could shift market sentiment and potentially trigger a sudden spike in crude oil prices.

“Today, the USD/MYR could stay in a narrow range as traders and investors continue to observe the compliance with the ceasefire agreement,” he noted.

At the opening, the ringgit strengthened against the Japanese yen to 2.5041/2.5159 from 2.5071/2.5104 at Wednesday’s close, appreciated against the euro to 4.6317/4.6533 from 4.6407/4.6465, and rose versus the British pound to 5.3202/5.3450 from 5.3348/5.3415.

The local currency traded mixed against Asean currencies.

It fell against the Singapore dollar to 3.1168/3.1316 from 3.1155/3.1199 at yesterday’s close, but appreciated against the Thai baht to 12.3769/12.4427 from 12.4056/12.4282.

It was almost flat against the Philippine peso at 6.68/6.72 from 6.68/6.70 previously, while showing little change against the Indonesian rupiah at 233.5/234.7 compared with 233.5/233.9.