The ringgit began early trading today on a stronger note against the US dollar, buoyed by renewed buying interest following the Thanksgiving holidays in the US. At 8.02 am, it was quoted at 4.4350/4.4470, an improvement from the previous close of 4.4440/4.4490.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid highlighted that the US dollar index has eased from last week's level of 107.55 to hover around 106 points.
He noted, "In the meantime, market sentiment could remain lacklustre and cautious on lack of catalyst. Therefore, the ringgit could trade in a narrow range today, possibly around RM4.43 to RM4.44."
Afzanizam attributed the ringgit's movement to a confluence of global factors, suggesting that positive developments in the Middle East could contribute to a better outlook for the currency market.
However, the ringgit weakened against several major currencies. It slipped against the British pound to 5.6298/5.6450 from 5.6217/5.6280, declined against the euro to 4.6834/4.6960 from 4.6800/4.6852, and dropped vis-à-vis the Japanese yen to 2.9349/2.9431 from 2.9258/2.9293.
In contrast, the local note performed better against Asean currencies. It edged up against the Singapore dollar to 3.3053/3.3147 from 3.3056/3.3095, strengthened against the Philippine peso to 7.56/7.58 from 7.57/7.58, improved against the Thai baht to 12.8812/12.9292 from 12.8999/12.9211, and rose against the Indonesian rupiah to 279.4/280.3 from 279.9/280.5.
