The ringgit remained stable at 4.08 against the US dollar after successfully continuing its best upward momentum in almost five years, supported by stronger domestic and international sentiment.
This performance put the ringgit on track to match the record set on March 3, 2021.
At 10:30 am, the ringgit opened at 4.0830, stable 0.00% against the US dollar since opening early Wednesday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid explained that the cabinet reshuffle announced by Prime Minister Datuk Seri Anwar Ibrahim yesterday provided clarity on the direction and implementation of policies, thus boosting market sentiment.
He also noted that the US Dollar Index (DXY) declined 0.10% to 98.215 following mixed readings in the United States (US) labor market data for November.
Meanwhile, the NFP employment report for November released yesterday showed the labour market registering an increase of 64,000 after contracting in October due to US government spending cuts.
At the open, the ringgit traded stronger against other major currencies.
It rose against the Japanese yen to 2.6346/6457 from 2.6372/6400, gained against the euro to 4.7895/8095 from 4.8014/8061 and strengthened against the British pound to 5.4727/4955 from 5.4760/4813.
The ringgit also strengthened against ASEAN currencies.
It rose against the Singapore dollar to 3.1620/1757 from 3.1657/1691 and rose marginally against the Thai baht to 12.9524/13.0147 from 12.9532/9721.
It also strengthened against the Philippine peso to 6.93/6.97 from 6.95/6.96 and rose slightly against the Indonesian rupiah at 244.2/245.3 from 244.6/245.0.
