The ringgit strengthened further against the US dollar today, lifted by positive domestic indicators and favourable external support.
At 9am, the ringgit touched the 4.6 level and opened at 4.6830/6895 against the greenback compared with yesterday’s close of 4.7025/7080.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit has appeared to demonstrate a favourable trend this week.
“China’s export data was higher and beat expectations, which suggested that China’s external sector is improving and the yuan could be well supported and since the ringgit is also positively correlated with the yuan, it might provide support to the ringgit today,” he told Bernama. — Bernama
