Ringgit opens higher against US dollar, other major currencies

KUALA LUMPUR: The Malaysian ringgit opened higher against the US dollar and other major currencies on Monday, according to an analyst. The local currency climbed to 4.0360/4.0410 against the US dollar from Friday's closing rate of 4.0365/4.0405. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid stated that the ringgit was anticipated to maintain its strong support in the short term due to robust macroeconomic data.

This includes July's export figures, which could indicate an upward revision in economic growth for the latter half of the year. Afzanizam noted that the ringgit might attempt to surpass the RM4.03 level today. He emphasized that market participants would closely monitor long-term US Treasury yields, as efforts to directly lower market interest rates may face obstacles due to US government debt surpassing $40 trillion.

Additionally, investors would pay significant attention to the Jackson Hole Symposium, scheduled from August 27 to 29, for potential insights into the US Federal Reserve's actions at its September meeting. The ringgit showed a positive trend against a range of currencies, including the Japanese yen, British pound, and euro, while its performance against regional currencies like the Singapore dollar, Indonesian rupiah, Philippine peso, and Thai baht varied.