The ringgit continued its strengthening trend since last Friday above the RM4.30 level in Tuesday's trading session following the continued push of buying interest amid expectations of a cut in US interest rates.
At exactly 10.10 am, the ringgit was at a position of 4.2800 which is 0.42% stronger against the USD than it closed at 4.2975 last Friday.
Local markets are closed on Monday, 16 September 2024 in conjunction with the celebration of Maulidur Rasul and the Malaysia Day public holiday.
Analysts believe that the US dollar remains under pressure due to weakening demand as expectations increase that the US Federal Reserve (Fed) will implement significant interest rate cuts for this week's FOMC meeting.
Market sentiment tracking the expected interest rate cut supports stable oil prices and an appreciation of the ringgit in the near future.
Meanwhile, the ringgit traded mostly lower against a group of major currencies.
It eased against the euro to 4.7781/7892 from 4.7664/7747 at Friday's close, weakened against the British pound to 5.6706/6838 from 5.6439/6538 but strengthened against the Japanese yen to 3.0510/0585 from 3.0570/0625.
The ringgit also traded mostly low against Asean currencies.
It fell against the Singapore dollar to 3.3138/3218 from 3.3098/3159 last Friday, eased against the Philippine peso to 7.68/7.70 from 7.67/7.69, eased against the Thai baht to 12.9035/9417 from 12.8907 against 919 and it remained flat against the Indonesian rupiah at 278.7 /279.5 of 278.9/279.6.
