The ringgit continued to rise sharply at the close on Thursday, boosted by the positive outlook for Malaysian economic growth and excellent corporate earnings.
At 10am, the ringgit eased slightly to 4.3150, a loss of 0.16% against the USD from its close of 4.3080 on Thursday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Afzanizam said the good prospects for Malaysia's economic growth and positive sentiment by companies continue to attract foreign funds. This sentiment will continue to increase demand for local units.
However, the ringgit is expected to undergo a price correction after recording a steep rise over the past few weeks.
He also said that the latest US data figures may not change the US interest rate mission because the trajectory of unemployment claims is still at a high level with more Americans applying for unemployment benefits.
This potential will continue to see the strengthening of the ringgit for longer.
Meanwhile, the ringgit strengthened against a group of major currencies and Asean.
The local currency rose against the Japanese yen to 2.9681/9818 from 2.9811/9855 at Thursday's close, added value against the euro to 4.7650/7866 from 4.7789/7855 and jumped against the British pound to 5.6616/6873 from 5.6835/6915 yesterday.
Against ASEAN currencies, the ringgit rose against the Singapore dollar to 3.3012/3164 from 3.3118/3167 on Thursday and was higher against the Indonesian rupiah at 278.8/280.1 from 279.3/279.7.
It also rose against the Thai baht to 12.6754/7422 from Thursday's close of 12.6911/7155 and rose slightly against the Philippine peso to 7.64/7.68 from 7.65/7.67.
