The recovery of the Malaysian Ringgit (RM) is getting smoother as the result of strong local economic growth and the expected cut in interest rates in the United States by the Federal Reserve (Fed).
After falling to a 26-year low last February, the Malaysian currency has now completed less than 1% in erasing losses this year.
Chinese Banking Corp predicts the ringgit will be in a tight range of 4.60 against the dollar by mid-2025.
At 10.15am, the ringgit was at 4.6090 against the US dollar, up 0.24% from its close of 4.6204 on Tuesday's close.
Analysts expect the Malaysian economy to continue its growth momentum after a second quarter Gross Domestic Product (GDP) that beat all estimates.
That allows the central bank to maintain stable borrowing costs and offer support for the ringgit as developed countries prepare to cut rates.
However, profit-taking is expected to take place after the FOMC meeting at 2am on Thursday this week.
Meanwhile, the ringgit opened mostly higher against a group of major world currencies.
The local unit rose against the British pound to 5.9272 from 5.9427, jumped against the euro to 4.9944 from 5.0044 and it was seen weakening against the Japanese yen to 3.0244 from 2.9845 previously.
At the same time, the ringgit traded mixed against other Asean currencies.
It opened higher against the Indonesian rupiah to 382.1 from 283.3 when it closed yesterday and remained unchanged against the Philippine peso.
The local currency also fell against the Singapore dollar to 3.4411 from 3.4370 yesterday and slipped against the Thai baht to 12.8707 from 12.8319 previously.
