KUALA LUMPUR, Nov 26 — The ringgit opened weaker against the US dollar today as the greenback regained strength, supported by a rebound in the US Dollar Index (DXY) from recent declines.
At 8am, the ringgit traded at 4.4590/4700 against the dollar, softening from yesterday’s close of 4.4495/4570.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the market had responded positively to news of hedge fund manager Scott Bessent heading the US Treasury Department, fostering a risk-on sentiment.
“As a result, the ringgit may benefit from a potential shift away from the US dollar to other emerging market currencies,” he told Bernama.
The ringgit traded mostly higher against a basket of major currencies.
It appreciated against the British pound to 5.5862/6000 from 5.5939/6033 and rose against the euro to 4.6548/6662 from 4.6662/6741 at yesterday’s close.
However, it edged lower against the Japanese yen to 2.8880/8955 from 2.8811/8861.
The local unit traded mostly lower against Asean currencies.
It fell against the Singapore dollar to 3.3032/3118 from 3.3028/3088, declined against the Philippine peso to 7.56/7.58 from 7.54/7.56, and slipped vis-à-vis the Indonesian rupiah to 280.7/281.5 from 280.1/280.7.
However, it rose against the Thai baht to 12.8361/8818 from 12.8390/8670.
— Bernama
