KUALA LUMPUR: The ringgit opened slightly higher against the US dollar on Thursday, supported by mild buying interest after recent gains, although a stronger greenback limited further upside, said an analyst.
At 8 am, the local currency rose to 4.0235/0305 against the greenback from Wednesday’s close of 4.0240/0280.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said US economic indicators released last night seem to point to the US economy remaining fairly resilient in the third quarter of 2026 (3Q 2026).
Data showed that personal income rose 0.4 per cent month-on-month (m-o-m) in July, personal spending increased by 0.2 per cent m-o-m, and durable goods orders were also higher by 1.1 per cent m-o-m.
"Above all is the personal consumption expenditures (PCE) inflation rate, which is the Federal Reserve's preferred inflation gauge, rose by 3.7 per cent year-on-year in July.
"The US Dollar Index (DXY) has rallied following the release of the data points, whereby the index is hovering around 99.165 points, higher by 0.25 per cent from the previous close," he told Bernama.
Hence, Mohd Afzanizam expects the ringgit to range between RM4.03 and RM4.06 against the US dollar today.
At the opening, the ringgit traded higher against a basket of major currencies.
It climbed versus the Japanese yen to 2.5264/5309 from 2.5308/5335 at Wednesday’s close, increased against the British pound to 5.4704/4799 from 5.4827/4882 and gained vis-à-vis the euro to 4.6894/6975 from 4.6940/6987 previously.
The local note traded mostly higher against regional currencies.
It edged up vis-à-vis the Singapore dollar to 3.1646/1704 from 3.1683/1717 at yesterday’s close, and gained against the Thai baht to 12.2668/2945 from 12.2791/2959.
The ringgit was flat versus the Indonesian rupiah and the Philippine peso at 227.0/227.4 and 6.52/6.54, respectively. - Bernama
