The ringgit opened stronger against the US dollar for a second consecutive day, supported by softer US economic data and the Federal Reserve's 25-basis-point rate cut.
At 8 am, the local currency rose to 4.1000/1100 against the greenback from Thursday's close of 4.1040/1105. The ringgit last traded at this level against the US dollar on April 28, 2021, at 4.1000/1050.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index fell 0.44% to 98.348 amid signs of a softening labour market.
"The ringgit had traded firmer after the Fed delivered the widely expected 25-basis-point cut to the Fed Funds Rate," he noted to Bernama.
He added, "Today, we expect the ringgit to stay in a tight range and possibly attempt to break the psychological RM4.10 level by the end of the day."
At the open, the ringgit showed mixed performance against other major currencies. It slipped versus the British pound to 5.4911/5045 from Thursday's 5.4879/4966, weakened against the euro to 4.8138/8256 from 4.8025/8101, and eased against the Japanese yen to 2.6368/6434 from 2.6333/6375.
Against regional peers, the ringgit strengthened versus the Indonesian rupiah to 245.8/246.5 from 246.1/246.6, fell against the Singapore dollar to 3.1739/1819 from 3.1711/1763, and eased against the Thai baht to 12.9542/9940 from 12.9219/9505. It remained unchanged against the Philippine peso at 6.95/6.97.
Bernama
