The ringgit continued its downward momentum by opening higher in Friday's early trading session against the US dollar. It is to continue the continuous buying support for the local currency.
At exactly 9am this morning, the ringgit rose to 4.7310 compared to the US dollar which closed at 4.7335 late Thursday yesterday.
Traders said the ringgit extended its rise due to positive sentiment by the Federal Reserve (Fed) to reassure investors about the prospect of interest rate cuts this year.
Markets are also expecting the Fed's decision which bolstered speculation about its three cuts this year has helped boost market sentiment.
Meanwhile, Afzanizam Abdul Rashid in his statement said the Swiss National Bank had cut the policy rate by 25 basis points to 1.50% yesterday to weaken inflation.
Furthermore, the tone of the Bank of England (BoE) is also dovish after they set interest rates at 5.25% and are confident about the country's financial direction.
Meanwhile, the ringgit traded mostly higher against a group of major currencies.
It rose against the euro to 5.1402/1457 from 5.1444/1477 on Thursday and rose against the British pound to 5.9951/6.0015 from 6.0202/0241 but eased against the Japanese yen to 3.1219/1252 from 3.1219/1252 yesterday.
The local unit is trading mostly low against other Asean currencies.
It was firmer against the Thai baht at 13.0151/0343 compared to 13.0712/0850 at Thursday's close but eased against the Philippine peso to 8.44/8.45 from yesterday's 8.41/8.42.
It eased against the Indonesian rupiah to 301.9/302.3 from 300.8/301.1 and eased against the Singapore dollar to 3.5219/5259 from 3.5205/5230.
