Ringgit opens marginally higher against US dollar

KUALA LUMPUR: The Malaysian ringgit started marginally higher against the US dollar on Thursday, buoyed by modest buying interest following recent gains, though a stronger greenback curtailed additional gains, according to an analyst. Afzanizam Rashid, the chief economist at Bank Muamalat Malaysia Bhd, pointed to recent US economic indicators as suggesting the US economy would remain robust in the third quarter of 2026.

Personal income increased by 0.4% in July, personal spending rose by 0.2%, and durable goods orders also showed a 1.1% increase. The Federal Reserve's preferred inflation gauge, the personal consumption expenditures (PCE) inflation rate, climbed by 3.7% year-on-year in July. The US Dollar Index (DXY) has seen a rally after these data releases, currently sitting around 99.165 points, up 0.25% from the previous close, as per Afzanizam.

He anticipates the ringgit to fluctuate between RM4.03 and RM4.06 against the US dollar on the day. The ringgit opened the day higher against a basket of major currencies; at 8 AM, it was trading at 4.0235/4.0305 against the greenback, up from Wednesday's close of 4.0240/4.0280. It gained against the Japanese yen, rose versus the British pound, and increased against the euro.

The local note also strengthened against the Singapore dollar and Thai baht but remained flat against the Indonesian rupiah and Philippine peso.