KUALA LUMPUR: The ringgit opened firmer against the US dollar and other major currencies on Wednesday, supported by a softer greenback following weaker US economic data and improved global risk appetite.
At 8 am, the ringgit strengthened to 3.8895/9000 against the US dollar from Tuesday’s close of 3.8915/8980.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index edged up 0.17 per cent to 97.874 points, underpinned by hawkish remarks from the Federal Reserve and signs of resilience in parts of the US economy.
"The US dollar-ringgit pair briefly traded above RM3.90 before closing at RM3.8948, down 0.11 per cent from the previous session.
"As such, the ringgit is likely to trade sideways today, hovering between RM3.89 and RM3.90,” he told Bernama.
At the open, the ringgit was higher against a basket of major currencies.
It inched up against the Japanese yen to 2.4944/5014 from 2.4968/5011 at Tuesday’s close, strengthened versus the British pound to 5.2489/2631 from 5.2531/2619 and appreciated against the euro to 4.5799/5923 from 4.5873/5950.
Against ASEAN currencies, the ringgit traded mostly firmer.
It rose against the Singapore dollar to 3.0699/0786 from 3.0726/0780, gained versus the Thai baht to 12.5060/5495 from 12.5463/5726, was marginally higher against the Indonesian rupiah at 231.1/231.8 from 231.2/231.7, and edged up against the Philippine peso to 6.73/6.75 from 6.74/6.75 previously. - Bernama
