KUALA LUMPUR: The ringgit opened higher against the US dollar on Thursday as the greenback tracked the US Dollar Index, which remained below the 100-point mark.
At 8 am, the ringgit strengthened to 4.1255/1395 versus the US dollar from Wednesday’s close of 4.1360/1385.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said growing expectations of a US Federal Funds Rate cut in December were weighing on the greenback.
"Talk of the next US Federal Reserve chairman in 2026 also seems to support the US rate-cut narrative. As such, expect the ringgit to oscillate around RM4.12 to RM4.13 today,” he told Bernama.
At the opening, the ringgit was mixed against a basket of major currencies.
It firmed against the yen to 2.6405/6496 from 2.6438/6456 at Wednesday’s close, weakened against the British pound to 5.4638/4824 from 5.4492/4525, and edged lower against the euro to 4.7864/8026 from 4.7862/7891.
The local note also traded higher against ASEAN currencies.
It rose against the Singapore dollar to 3.1823/1933 from 3.1847/1869 on Wednesday and strengthened against the Thai baht to 12.8022/8556 from 12.8308/8433.
It also appreciated against the Indonesian rupiah to 247.5/248.5 from 248.2/248.4 and was higher vis-à-vis the Philippine peso at 7.01/7.03 from 7.02/7.03 previously. - Bernama
