The ringgit maintained steady momentum in early trading due to continued buying support by investors on the currencies of rapidly developing countries including Malaysia.
At 10.25am, the ringgit was at 4.3480 which is a difference of 0.07% since it opened against the US dollar from Thursday's close of 4.3455.
Bank Muamalat Malaysia Bhd's chief economist, Afzanizam Rashid said the rise in the US Dollar Index (DXY) seems to have been interrupted amid positive economic data in the US.
DXY fell 0.36% to 104,058 points as traders may lock in some gains as expectations for a massive US Fed rate cut ease.
Additionally, traders and investors will be busy with the US presidential election as the race between the two candidates is close.
In the early session, the ringgit was mostly higher against a group of major currencies.
It increased from the British pound to 5.6279/5.6422 from 5.6331/5.6402 yesterday, increased against the Japanese yen to 2.8582/2.8657 from 2.8589/2.8627 on Thursday's cover but declined compared to 1.789/4.69 against the euro to 4.6969/4.7088 from 4.6918/4.6978. before this.
The ringgit is trading higher than Asean currencies. It appreciated against the Philippine peso to 7.48/7.51 from 7.49/7.51 at Thursday's close and rose against the Singapore dollar to 3.2903/3.2988 from 3.2928/3.2972 yesterday.
The local currency also strengthened against the Indonesian rupiah to 278.4/279.3 from 278.8/279.3 yesterday and rose against the Thai baht to 12.8779/12.9174 from 12.9031/12.9259 previously.
