The ringgit continued to strengthen against the US dollar at the opening today due to positive domestic indicators and encouraging external support.
Bank Muamalat Bhd's Chief Economist, Afzanizam Rashid said the ringgit has shown an encouraging trend this week.
China's export data was higher and beat market expectations. China's external sector improved and the yuan was able to support well as the ringgit correlated with it.
At 9am, the ringgit reached 4.6830 against the US dollar from its close of 4.7025 yesterday.
The last time the ringgit was at RM4.68 against the US dollar was on 16 January 2024.
However, the ringgit eased against the British pound at 6.0017/6.0101 from 5.9952/6.0022 on Thursday, eased against the euro at 5.1288/5.1359 from 5.1257/5.1317 and rose against the Japanese yen at 17.047.81 against 1.707.81.300 against the Japanese yen /3.1817 previously.
The local currency is traded higher than other Asean currencies.
It rose against the Thai baht to 13.1778/13.2024 from 13.2130/13.2340 at Thursday's close, appreciated against the Singapore dollar to 3.5147/3.5199 from 3.5201/3.5247, rose against the Indonesian rupiah to 299.1/299.6 to 300.3/300.8 and rose against the Philippine peso to 8.38/8.41 from 8.42/8.43.
