The ringgit continued its positive run by opening higher against the United States (US) dollar following the possible chance of interest rate cuts in the US by September brightening and the increase in healthy local data.
At 10.10am, the ringgit was at 4.4250 which is 0.47% stronger against the USD than it closed at 4.4440 on Tuesday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Afzanizam said the ringgit's performance was somewhat optimistic amid expectations of better Gross Domestic Product (GDP) data in the second quarter of 2024 this Friday.
Based on the US Producer Price Index (PPI), it came in at a lower-than-expected 2.2% for July compared to consensus estimates of 2.3% and 2.7% in the previous month.
Meanwhile, PPI Core also dropped to 2.4% from 3.0% previously.
However, the USD/MYR pair may move towards the support level at RM4.40 throughout the week.
Meanwhile, the ringgit traded lower against a group of major currencies.
It fell against the euro to 4.8796/4.8928 from 4.8520/4.8591 at yesterday's close, eased against the Japanese yen to 3.0193/3.0278 from 3.0053/3.0099 and eased against the British pound to 5.7095/5.7249 from earlier.
The ringgit also traded mixed against Asean currencies.
The local currency was marginally higher against the Indonesian rupiah at 280.3/281.1 from 280.6/281.1 and firmer against the Philippine peso at 7.79/7.81 from 7.80/7.81 previously.
However, it eased against the Singapore dollar to 3.3693/3.3786 from 3.3590/3.3642 and fell against the Thai baht to 12.6655/12.7081 from 12.6351/12.6578 previously.
