The ringgit opened higher against the US Dollar today, trading at 4.3405/3515 compared to Thursday’s close of 4.3455/3510. This rise is attributed to increased buying demand as investors shift to emerging market currencies. Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid noted that “the rise of the US Dollar Index (DXY) seems to have been interrupted amid positive economic data in the United States.” The DXY fell 0.36% to 104.058 points as traders locked in gains, with anticipation for a significant US Federal Reserve rate cut diminishing.
Ringgit Gains Against Major Currencies
In addition, US Treasury yields dropped, making the current levels more appealing as the Fed is expected to ease its monetary policy gradually. In the early session, the ringgit also gained against major currencies, including the British pound and the Japanese yen, while slightly slipping against the euro. It appreciated against various ASEAN currencies, including the Philippine peso and the Singapore dollar.
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