The ringgit rose slightly against the US dollar at the close yesterday as the currency index declined following expectations of continued rate cuts by the Federal Reserve (Fed).
At exactly 10.25am, the ringgit was trading at 4.6770 against the USD from where it closed at 4.6781 at the close of Monday's session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Afzanizam said the ringgit was well supported throughout the day on Monday and the equity market appeared to be undergoing further price correction.
The dovish sentiment surrounding the Fed's policy stance will continue to put pressure on the US dollar.
At the same time, Vice President Kamala Harris received support from her Democratic party to run in the upcoming US Presidential election in November.
Meanwhile, the local currency strengthened against a group of major currencies.
The local currency appreciated against the Japanese yen to 2.9809/9858 from 2.9869/9892 at Monday's close, rose against the British pound to 6.0487/0577 from 6.0514/0553 and improved against the euro to 5.0939/1015 from 5.0971/1003 previously.
The ringgit also rose against Asean currencies except it was unchanged against the Philippine peso at 8.01/8.03.
It rose against the Indonesian rupiah to 288.3/288.9 from 288.5/288.8, rose against the Thai baht to 12.8746/9021 from 12.8975/9118 previously and rose against the Singapore dollar to 3.4755/34889 from yesterday.
