KUALA LUMPUR: The ringgit opened higher against a basket of major currencies but weakened against the US dollar on Friday, as escalating tensions in West Asia dampened risk appetite, an economist said.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said that market sentiment has turned increasingly cautious, with investors adopting a risk-off stance and preferring to hold cash.
At 8am, the local currency eased to 3.9275/3.9400 against the greenback from Thursday’s close of 3.9240/3.9280.
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