Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said Asian currencies were seen strengthening against the US dollar as markets looked forward to the meeting, scheduled for May 14-15, 2026.

“The market appears to be hoping for a positive outcome from the meeting, especially on issues surrounding the war in Iran and the Strait of Hormuz,” he told Bernama.

Nonetheless, Afzanizam said the situation remained fluid, and market sentiment could easily shift towards risk aversion.

Also, Malaysia’s first quarter (Q1) gross domestic product will be announced on Friday, and the statistics department has projected the Malaysian economy to grow by 5.3% in Q1 2026.

At the close, the ringgit traded higher against a basket of major currencies.

At 6pm, the ringgit appreciated to 3.9285/3.9325 against the greenback from 3.9320/3.9360 at Tuesday’s close.

It appreciated against the Japanese yen to 2.4888/2.4916 from 2.4952/2.4979, strengthened versus the British pound to 5.3105/5.3160 from 5.3231/5.3286, and increased against the euro to 4.5987/4.6034 from 4.6189/4.6236 at Tuesday’s close.

The local currency traded mostly lower against regional peers.

It gained against the Singapore dollar to 3.0872/3.0906 from 3.0888/3.0922, but fell against the Indonesian rupiah to 224.7/225.1 from 224.3/224.6, shed against the Philippine peso to 6.40/6.41 from 6.39/6.41, and shaved against the Thai baht to 12.1419/12.1599 from 12.1276/12.1455 previously.