At 8am, the local currency eased to 3.9520/3.9600 against the greenback from 3.9505/3.9545 at last Friday’s close.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said West Texas Intermediate (WTI) and Brent crude prices climbed 7.29% and 6.07% to US$89.96 per barrel and US$95.87 per barrel, respectively, as the situation in West Asia remains highly fluid.

“The Strait of Hormuz was closed again shortly after the Iranian government announced the reopening on Saturday,” he noted.

He said the US dollar index (DXY) was trending upward, rising 0.19% to 98.282 points this morning.

“On that note, the ringgit is likely to stay weak today. Time is also running short, as the two-week ceasefire would end this week.

“The immediate concern now is whether the ceasefire can be extended further to allow more diplomatic discourse to take place. For now, it’s going to be the risk-off mode,” he added.

At the opening, the ringgit traded higher against a basket of major currencies.

It strengthened against the British pound to 5.3289/5.3397 from 5.3454/5.3508 at last Friday’s close, rose versus the euro to 4.6412/4.6506 from 4.6588/4.6635, and gained against the Japanese yen to 2.4832/2.4884 from 2.4838/2.4865.

The local currency traded mixed against its Asean peers.

It climbed against the Singapore dollar to 3.1033/3.1100 from last Friday’s close of 3.1053/3.1086, depreciated versus the Thai baht to 12.3096/12.3418 from 12.3084/12.3274, edged down against the Indonesian rupiah at 229.9/230.4 from 229.8/230.1 and was flat against the Philippines peso to 6.58/6.60 from 6.58/6.59.