The dollar is projected to trade within 4.05-4.10 ringgit in 3Q amid ongoing geopolitical uncertainty, before trending below 4.00 in 4Q as markets price in a prolonged Fed pause rather than further tightening, Kenanga economists say in a note. Medium-term dollar weakness is supported by global reserve diversification, portfolio shifts and concerns over U.S. fiscal sustainability. Malaysia's strong fundamentals, including its solid growth outlook, persistent current account surpluses and record foreign currency deposits, also provide support, they say. Kenanga expects gradual ringgit appreciation, with the dollar estimated to reach 3.95 ringgit by year-end and 3.90 by end-2027. However, domestic political uncertainty remains a key downside risk, it adds. The dollar is 0.3% higher at 4.0951. (yingxian.wong@wsj.com)