KUALA LUMPUR, April 11 — The ringgit is expected to maintain its upward trajectory next week and could breach the 3.95 level amid cautious optimism over developments in West Asia, said economists. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said markets remained fixated on developments in Iran, with the ongoing ceasefire and the potential reopening of the Strait of Hormuz continuing to influence sentiment. “Markets will also be watching a series of speeches by United States Federal Reserve officials for further clues on the impact of the conflict, alongside recent mixed economic data,” he told Bernama. Meanwhile, Kenanga Investment Bank Bhd expects markets to remain cautious, refraining from taking aggressive long positions on the ringgit until the Islamabad peace talks between the US and Iran show tangible progress. “The ceasefire appears tenuous, while Israeli opposition to renewed diplomacy complicates efforts towards a broader agreement. Continued military friction in Lebanon also risks re-escalation, keeping the Strait of Hormuz risk premium elevated. “We expect the ringgit to trade within the 4.00-4.05 range, as geopolitical scepticism outweighs temporary relief. A move towards 3.95 is possible if de-escalation holds,” it said in a note on Friday. On a week-on-week basis, the ringgit swept higher against major and Asean currencies, supported by sustained buying interest amid cautious optimism over developments in West Asia. The ringgit appreciated against the US dollar at 3.9625/9680 on Friday, compared with 4.0295/0350 at the end of the previous trading week. The local note also traded higher against a basket of major currencies this week. It rose against the British pound to 5.3248/3322 from 5.3326/3399, enhanced versus the Japanese yen to 2.4882/4918 from 2.5247/5285, and increased against the euro to 4.6401/6465 from 4.6513/6576 a week ago. The ringgit was also traded higher against its Asean peers. It appreciated versus the Singapore dollar to 3.1093/1139 from 3.1341/1389, strengthened against the Thai baht to 12.3289/3525 from 12.3585/3841, expanded versus the Indonesian rupiah to 231.6/232.0 from 237.2/237.7, and elevated against the Philippine peso to 6.60/6.62 from 6.68/6.71, previously. — Bernama
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International mediators have proposed a 10-day ceasefire between the United States and Iran, according to a senior Iranian official cited in reports. The measure is described as intended to reduce hostilities and allow renewed talks on a prior interim agreement.
Both sides are assessing next steps in the current regional security situation.
Reports indicate that a US-Iran ceasefire has broken down amid renewed fighting, with the potential impact of mediation efforts by Pakistan, Qatar, and Oman remaining unclear. Earlier diplomatic steps included a June memorandum of understanding between the parties for further negotiations and talks hosted in Geneva in February.
The summary also references Europe’s historical role in diplomacy, including the 1814-15 Congress of Vienna.
Donald Trump stated in a Fox News interview that his representatives had spoken with Iranian officials an hour earlier and that those officials wanted to make a deal to end the conflict, though he noted they had broken prior agreements and expressed uncertainty about whether one would be reached.
He added that people do not want to die and that Iran would need to proceed carefully to avoid further losses. The remarks come amid an ongoing US-Iran conflict that has involved casualties and shipping disruptions in the Strait of Hormuz, with some social media users criticizing the repetition of similar statements.
Why the Iran-US ceasefire is falling apart Iran and the US have resumed fighting because they don’t see each other as ‘reliable negotiating partners’, says analyst Ali Vaez. Neither Iran nor the United States seems able to deliver a “knockout blow at an acceptable price” to the other side, and both know “they have no choice other than engaging in diplomacy”, but they’re not ready to make uncomfortable concessions, argues Ali Vaez, director of the Iran Project at International Crisis Group.
Vaez tells host Steve Clemons that Tehran and Washington are trying to “enforce their own interpretation” of the ceasefire agreement they signed last month. President Trump has become “frustrated” with diplomacy because he’s not seeing “the kind of quick results that he likes to see”, Vaez says.