The ringgit continued to strengthen against the US dollar today, as US economic data pointed to a further recession amid concerns over tariffs and fiscal policy.
At 10.40am, the ringgit was at 4.2280, having remained unchanged against the US dollar since it opened in early trade on Friday.
Bank Muamalat Sdn Bhd chief economist Dr Afzanizam Rashid said the US dollar index (DXY) fell 0.05% to 98.741 points as US economic data showed signs of further slowdown.
US initial jobless claims rose to 247,000 last week, marking the second consecutive weekly increase.
The focus is on US NFP data which is expected to hit 125,000 in May compared to the previous month's print of 177,000.
Afzanizam said emerging market currencies, including the ringgit, had strengthened against the US dollar on the back of a weaker US economic outlook and continued concerns over tariffs and fiscal policy.
For now, he said the market would remain cautious about US tariff policies and the recent spat between US President Donald Trump and Elon Musk over the government's budget position and its impact on the global economy.
Meanwhile, the ringgit traded mostly higher against its major currency group at the open.
It appreciated against the Japanese yen to 2.9343/2.9481 from 2.9495/2.9531 yesterday and rose against the British pound to 5.7226/5.7491 from 5.7301/5.7369, but depreciated against the euro to 4.8263/4.8486 from 4.8235/4.8292.
The local currency also traded higher against most of its Asean peers.
It rose against the Singapore dollar to 3.2758/3.2915 from yesterday's close of 3.2881/3.2922 and rose slightly against the Indonesian rupiah to 258.7/260.1 from 259.3/259.8.
The ringgit rose against the Thai baht to 12.9157/12.9854 from yesterday's close of 12.9925/13.0138 and rose against the Philippine peso to 7.57/7.62 from 7.59/7.61.
