The Malaysian ringgit opened higher against the US dollar on Wednesday, according to The Star, which attributed the move to easing oil prices. Trading in the currency was described as cautious, with Free Malaysia Today reporting that the ringgit inched up against the dollar.
The picture was less uniform elsewhere. Bernama reported that the ringgit opened mixed against major and ASEAN currencies following a rate hike by the Bank of Japan. The Star's headline ties the dollar move specifically to softer oil prices, while the other reports frame the session as restrained rather than decisive.
Against that backdrop, analysts see room for the currency to recover even as external pressures weigh on it. FXStreet reported that OCBC sees external pressure on the ringgit but scope for a reversal. Separately, Vocal reported that the ringgit is bracing for crosscurrents from central banks.
The reports point to a currency caught between two forces: cheaper oil, which supports the ringgit, and shifting global monetary policy, which complicates its path. The Bank of Japan's decision added a fresh variable to a market already watching central bank signals closely.
What to watch next: whether the ringgit holds its gains against the dollar if oil prices stay subdued, and how it responds as central bank policy signals develop in the sessions ahead.
