KUALA LUMPUR: The ringgit opened slightly higher against the US dollar on Friday amid continued caution over vessel movements in the Strait of Hormuz as investors monitored geopolitical tension.
At 8 am, the local currency strengthened to 4.0720/0815 against the US dollar from 4.0750/0795 at Thursday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit was also supported by yesterday's Monetary Policy Committee (MPC) statement, which suggested that the Malaysian economy is on a stronger footing.
"The sharp rise in electrical and electronics exports indicates that Malaysia is benefiting from global investment in artificial intelligence and technology. This translates into greater confidence and supports the ringgit,” he told Bernama.
At the opening, the ringgit was traded higher against a basket of major currencies.
It strengthened against the Japanese yen to 2.5080/5140 from 2.5091/5120 at Thursday's close, appreciated against the British pound to 5.4618/4745 from 5.4654/4714, and strengthened against the euro to 4.6555/6664 from 4.6581/6633.
Against regional currencies, the local note edged up against the Singapore dollar to 3.1512/1588 from 3.1518/1558 at Thursday's close and appreciated against the Indonesian rupiah to 224.6/225.2 from 224.8/225.1.
It slipped against the Thai baht to 12.1978/2325 from 12.1886/2064 and was almost unchanged against the Philippine peso at 6.61/6.63, compared with 6.61/6.62 previously. - Bernama
