KUALA LUMPUR – The ringgit opened higher against the US dollar, benefiting from the greenback’s continuing weakness.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit remained well supported as the US Dollar Index fell 0.43% to 103.472 points.
At 9.04 am, the ringgit traded at 4.6445/6500 against the greenback compared with yesterday’s close of 4.6655/6705.
Afzanizam said the auction for 3-month and 6-month US Treasury drew a lower yield to 5.27% and 5.23%, respectively, suggesting that the bond markets are gradually pricing in a possible monetary stance by the US Federal Reserve.
“As such, the local currency is expected to trade nearer to its immediate support level, which is located at RM4.6611 against the US dollar,” he said.
At 9.21am, the ringgit was traded higher versus a basket of major currencies.
It was higher against the euro to 5.0843/0904 from 5.0999/1053 yesterday, rose vis-a-vis the British pound to 5.8107/8176 from 5.8314/8377 and improved versus the Japanese yen to 3.1380/1409 from 3.1456/1491.
The local note also opened firmer against other Asean currencies.
It appreciated vis-a-vis the Indonesian rupiah to 300.6/301.2 from 302.0/302.5 and gained against the Singapore dollar to 3.4733/4777 from 3.4817/4857.The ringgit strengthened versus the Thai baht to 13.2450/2679 from 13.2784/2987 and was almost flat against the Philippine peso at 8.39/8.41 from 8.40/8.41. – November 21, 2023