KUALA LUMPUR, Oct 30 — The ringgit opened higher against the United States (US) dollar for the 10th consecutive trading day on Friday, reflecting sustained positive sentiment towards the local currency at the start of trading.
At 8am, the ringgit edged up to 4.0570/0625 against the greenback from Thursday’s close of 4.0575/0620.
The local currency was trading near a seven-week high, following a previous opening level of 4.0560 recorded on September 9.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index fell 0.33 per cent to 101.854 points.
The decline came despite better-than-expected US gross domestic product growth in the third quarter of 2026 (3Q 2026) and a higher Personal Consumption Expenditure inflation rate in September.
He added that the two-year and 10-year US Treasury yields also fell by 10 and eight basis points to 4.60 per cent and 4.94 per cent, respectively.
"Hence, we believe the market is pricing in the possibility that the US Federal Reserve (US Fed) might change its direction on monetary policy.
"As such, the ringgit is likely to maintain its positive trend in the near term, given the limited scope for further US Fed monetary tightening. The ringgit-US dollar pair could therefore hover between RM4.05 and RM4.07 today," Afzanizam told Bernama.
Against other major currencies, the ringgit opened lower.
It weakened against the British pound to 5.4275/4348 from 5.4009/4069 at Thursday’s close, and slipped against the euro to 4.5365/5427 from 4.5176/5226.
It also edged lower against the Japanese yen to 2.5707/5743 from 2.5685/5715 previously.
Against its ASEAN peers, the ringgit traded mixed.
It was little changed against the Indonesian rupiah at 223.6/224.0 from 223.7/224.0 at Thursday’s close, and remained flat against the Philippine peso at 6.35/6.36.
Meanwhile, the ringgit eased against the Singapore dollar to 3.1700/1746 from 3.1665/1702 at Thursday’s close, and slipped against the Thai baht to 12.0279/0513 from 12.0165/0345.
