The ringgit continued its strong performance against the US dollar as the local currency hit a five-year high.
The market reopened after being closed yesterday for the Christmas holiday.
At 10:31am, the ringgit opened at 4.0330, strengthening by 0.24% against the US dollar since opening early Friday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid explained that the ringgit is expected to move more slowly today due to the short trading period.
He also noted that investors are now positive on the ringgit as the US dollar-ringgit rate is at its strongest level in five years.
At the opening, the ringgit was trading higher against other major currencies.
It rose against the British pound to 5.4578/4693 from 5.4647/4768, rose against the Japanese yen to 2.5874/5930 from 2.5940/5999 and strengthened against the euro to 4.7615/7715 from 4.7697/7804 previously.
The ringgit also traded higher against ASEAN currencies.
It rose against the Singapore dollar to 3.1460/1531 from 3.1506/1578 and gained against the Thai baht to 12.9990/13.0352 from 13.0486/0705.
It also strengthened against the Philippine peso to 6.89/6.89 from 6.88/6.90, but weakened slightly against the Indonesian rupiah at 241.3/242.0 from 241.0/241 previously.
