US dollar and Malaysian ringgit banknotes are pictured in an illustration on August 15, 2024. — Picture By Choo Choy May Summary The ringgit opened higher against most major currencies but declined slightly against the US dollar amid ongoing uncertainty over US-Iran negotiations and expectations of a US interest rate hike. As of 8 am, the ringgit was trading at 4.0850/0900 against the dollar compared to 4.0835/0875 on Monday. Market focus is on the US Federal Open Market Committee meeting, with the ringgit-dollar pair expected to trade within a narrow range. The ringgit showed varied performance against regional currencies, strengthening against the Singapore dollar and Thai baht, but weakening versus the Indonesian rupiah. First Published: Tuesday, 28 Jul 2026 9:07 AM MYT KUALA LUMPUR, July 28 — The ringgit opened higher against most major currencies on Tuesday but eased against the US dollar, weighed down by market sentiment amid lingering uncertainty over US-Iran negotiations.At 8 am, the local currency was at 4.0850/0900 against the greenback from 4.0835/0875 at Monday’s close.Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the odds are for an interest rate rise in the US, which will lead to a rise in the value of the greenback.“Traders and investors will be focusing on the US Federal Open Market Committee (FOMC) scheduled for today and tomorrow (July 28-29, 2026).“As such, the ringgit-US dollar pair is expected to continue to trade within a narrow range today,” he told Bernama.The ringgit traded higher against a basket of major currencies at the opening today.It edged up against the Japanese yen to 2.4940/4973 from 2.4969/4994 at yesterday’s close, appreciated vis-a-vis the euro to 4.6438/6495 from 4.6536/6581, and rose versus the British pound to 5.4281/4348 from 5.4433/4486 previously.The ringgit was mixed against regional currencies.It strengthened against the Singapore dollar to 3.1627/1669 from 3.1653/1686 and ticked up vis-a-vis the Thai baht to 12.1379/1589 from 12.1612/1775, previously.The local currency weakened against the Indonesian rupiah to 226.8/227.2 from 226.7/227.0 and was flat vis-a-vis the Philippine peso at 6.62/6.63. — AFP