At 9am, the local currency was trading at 4.1975/2005 versus the greenback from Thursday’s close of 4.2030/2080.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said market players sought shelter from event risks following Russia’s military incursion in Ukraine, which boosted the US dollar index by 0.88% to 97.04.

“As net exporters of crude oil, liquefied natural gas, and crude palm oil, Malaysia’s economy would benefit from the current trend, which could help energise key sectors such as oil and gas, as well as plantation.

“To some extent, it could bolster the government’s coffers, but that advantage could be offset by increased fuel subsidy costs,” he continued.

He did, however, emphasise that the primary uncertainty that continues to cloud the market is the duration of the war and the severity of Western allies’ retaliatory measures.

“For the time being, expect the ringgit to remain weak near its current level,” he added.

Meanwhile, the ringgit was traded higher against a basket of other major currencies.

It rose against the Singapore dollar to 3.0992/1018 from 3.1062/1104 at the close yesterday and appreciated vis-a-vis the British pound to 5.6175/6215 from 5.6455/6522 on Thursday.

The local note had also increased against the euro to 4.7012/7046 from 4.7086/7142 previously and strengthened versus the yen to 3.6345/6374 from 3.6624/6671 yesterday.