The ringgit opened higher against the US dollar following the performance of the United States (US) currency which continued to remain below the 100-point US Dollar Index.
At 10:50 am, the ringgit was at 4.1290, strengthening by 0.12% against the US dollar since opening early Thursday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist, Dr Mohd Afzanizam Abdul Rashid explained that growing expectations of a cut in the US Federal Funds Rate in December continued to weigh on the value of the US dollar.
He also noted that discussions on the Federal Reserve (Fed) chairman candidate also supported the narrative of a cut in interest rates.
At the same time, the ringgit is expected to trade between RM4.12 to RM4.13 today.
Domestic currencies were traded mixed against a basket of major currencies.
It rose against the yen to 2.6405/6496 from 2.6438/6456 yesterday, but fell against the British pound to 5.4638/4824 from 5.4492/4525 and was slightly lower against the euro to 4.7864/8026 from 4.7862/7891.
The ringgit also traded higher against its ASEAN counterparts.
It rose against the Singapore dollar to 3.1823/1933 from 3.1847/1869 yesterday, and strengthened against the Thai baht to 12.8022/8556 from 12.8308/8433.
It also strengthened against the Indonesian rupiah to 247.5/248.5 from 248.2/248.4 and was higher against the Philippine peso to 7.01/7.03 from 7.02/7.03 previously.
