The ringgit managed to maintain its upward momentum against the US dollar for the second day, driven by weak US (US) economic data, as well as the Federal Reserve (Fed) cutting interest rates by 25 basis points.
At 10:39 am, the ringgit opened at 4.1000, strengthening by 0.19% against the US dollar since opening early Friday trading in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist, Mohd Afzanizam Abdul Rashid explained that the US Dollar Index (DXY) declined 0.44% to 98.348 following the increasingly gloomy labor market data.
He also expected the ringgit to remain in a narrow range and may try to break through the RM4.10 level against the US dollar.
At the opening, the ringgit was traded lower against other major currencies.
It depreciated against the British pound to 5.4911/5045 from 5.4879/4966, declined against the euro to 4.8138/8256 from 4.8025/8101 and eased against the Japanese yen to 2.6368/6434 from 2.6333/6375.
The ringgit was also mixed against its ASEAN counterparts.
It strengthened against the Indonesian rupiah to 245.8/246.5 from 246.1/246.6 and remained unchanged against the Philippine peso at 6.95/6.97.
However, it weakened against the Thai baht to 12.9542/12.9940 from 12.9219/12.9505 and plunged against the Singapore dollar to 3.1739/1819 from 3.1711/1763.
