Ringgit opens higher against US$, other major currencies
The Malaysian ringgit strengthened against the US dollar and other major currencies on Monday, driven by positive domestic economic data. Analysts suggest the currency may remain supported as investors look toward upcoming US economic indicators.
Why it matters
Currency fluctuations impact Malaysia's trade balance and economic growth projections for the second half of the year.
KUALA LUMPUR: The ringgit opened higher against the US dollar and a basket of major currencies on Monday, supported by Malaysia’s strong economic data, an analyst said.
At 8.05 am, the local currency edged up to 4.0360/0410 against the greenback from Friday’s close of 4.0365/0405.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit was expected to remain well supported in the near term, underpinned by strong macroeconomic data, including July’s export figures, which could point to an upside surprise in economic growth in the second half of the year.
"Last Friday, the ringgit closed 0.16 per cent higher against the US dollar at RM4.0385.
"Perhaps the ringgit could make another attempt to break the RM4.03 level today,” he told Bernama, adding that the local note was likely to trade between RM4.03 and RM4.05 against the US dollar today.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in