KUALA LUMPUR, Sept 30 — The ringgit extended its gains from last week, opening stronger against the US dollar today, supported by continued positive sentiment towards the local currency, according to an analyst.
As of 8.04 am, the ringgit traded at 4.1150/1280, an improvement from Friday’s close of 4.1230/1280.
Bank Muamalat Malaysia Bhd’s chief economist, Dr. Mohd Afzanizam Abdul Rashid, indicated that the ringgit is likely to maintain its positive trajectory. However, he noted that some traders may seize the chance to secure profits following the currency’s broad-based appreciation in recent days.
On the international stage, mixed economic data from the United States has come to light. The headline personal consumption expenditures (PCE) price index eased to 2.2% in August, while the core PCE remained stable at 2.7%.
Despite these developments, the US Federal Reserve is anticipated to continue its monetary easing policy in the upcoming November and December meetings.
“With this context, this week’s focus will shift to US economic data, particularly the ISM Index for manufacturing and services, along with several key labour market indicators such as the Job Openings and Labor Turnover Survey (JOLTS), ADP employment change, and nonfarm payroll (NFP),” he told Bernama.
Dr. Mohd Afzanizam further noted that the immediate support level for the ringgit stands at RM4.0728, with potential movement in that direction.
Against a basket of major currencies, the ringgit traded mostly stronger.
It dipped slightly against the Japanese yen, closing at 2.8833/8926, down from Friday’s 2.8804/8841.
However, the ringgit strengthened against the euro, trading at 4.5960/6106 compared to 4.6009/6064 on Friday, and gained ground against the British pound at 5.5063/5237, up from last week’s 5.5178/5245.
The local currency also posted improvements against several ASEAN currencies.
It edged up against the Singapore dollar, trading at 3.2136/2240 from Friday’s close of 3.2146/2187. Similarly, the ringgit rose against the Philippine peso at 7.34/7.37, up from 7.35/7.37.
It also strengthened against the Indonesian rupiah, improving to 272.0/273.0 from 272.5/273.0 last week, and gained against the Thai baht, rising to 12.7045/7553 from 12.7202/7407. — Bernama
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