KUALA LUMPUR, Oct 28 — The ringgit opened higher against the US dollar for the eighth consecutive trading day today, extending its positive momentum at the start of trading.
At 8 am, the ringgit strengthened to 4.0855/0915 against the US dollar from yesterday's close of 4.0865/0900.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said optimism in financial markets, driven by the artificial intelligence (AI) theme, continued to dominate global equities, providing support for the Malaysian currency.
Meanwhile, he said the US Federal Reserve (Fed) was expected to keep the federal funds rate steady at between 3.75 per cent and 4.0 per cent.
"Against this backdrop, the ringgit is likely to continue trading within a narrow range as traders assess external developments to determine their trading direction. The ringgit is expected to hover between RM4.07 and RM4.08 against the US dollar today," he told Bernama.
The local currency also traded higher against a basket of major currencies.
The ringgit strengthened against the British pound to 5.4362/4441 from 5.4412/4458 at yesterday's close, advanced against the Japanese yen to 2.5858/5897 from 2.5903/5927 and climbed against the euro to 4.5459/5526 from 4.5524/5563.
Meanwhile, the ringgit traded mixed against its ASEAN peers.
It edged higher against the Singapore dollar to 3.1881/1932 from 3.1883/1913 at yesterday's close and strengthened against the Thai baht to 12.0884/1115 from 12.1010/1160 previously.
The local currency was almost unchanged against the Indonesian rupiah at 225.0/225.4 from 225.0/225.3 and the Philippine peso at 6.36/6.38 from 6.36/6.37.
