KUALA LUMPUR – The ringgit strengthened further against the US dollar today, lifted by positive domestic indicators and favourable external support.
At 9am, the ringgit touched the 4.6 level and opened at 4.6830/6895 against the greenback, compared with yesterday’s close of 4.7025/7080.
The local currency last traded at this level on January 16, reaching 4.6945 against the US dollar.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit has appeared to demonstrate a favourable trend this week.
“China’s export data was higher and beat expectations, which suggested that China’s external sector is improving and the yuan could be well supported and since the ringgit is also positively correlated with the yuan, it might provide support to the ringgit today,” he said.
The local currency eased against the British pound at 6.0017/0101 from 5.9952/6.0022 yesterday, was easier versus the euro at 5.1288/1359 from 5.1257/1317 and gained vis-a-vis the Japanese yen to 3.1702/1748 from 3.1778/1817 previously.
The ringgit, meanwhile, traded higher against other Asean currencies.
It rose versus the Thai baht to 13.1778/2024 from 13.2130/2340 at yesterday’s close, appreciated against the Singapore dollar to 3.5147/5199 from yesterday’s 3.5201/5247, improved vis-a-vis the Indonesian rupiah to 299.1/299.6 from 300.3/300.8 and climbed against the Philippine peso to 8.38/8.41 from 8.42/8.43. – March 8, 2024