The ringgit opened higher against the US dollar as a modest rise in better-than-expected economic data eased inflation concerns and boosted risk appetite in global financial markets.
At 10.15am, the ringgit was at 4.4900, up 0.16% against the US dollar from its close of 4.4970 at the end of Wednesday's trading.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said US inflation as measured by the Consumer Price Index (CPI) met expectations at 2.9%, while core CPI was lower than expected at 3.2% compared to a forecast of 3.3%.
The latest CPI figures appear to have revived hopes that the US Federal Reserve (Fed) is on track to cut interest rates this year.
Dr Afzanizam also pointed out that the 10-year US Treasury yield fell 14 basis points to 4.65% while the US Dollar Index (DXY) declined to 109.083 points.
He projected that the ringgit may trade in the range of RM4.48 to RM4.49.
Meanwhile, the ringgit showed mixed performance against other major currencies.
It strengthened against the euro, trading at 4.6276/6374 from 4.6364/6405 but weakened against the Japanese yen to 2.8768/8831 from 2.8656/8685. It also depreciated against the British pound to 5.5023/5140 from 5.4949/4998.
Against Asean currencies, the local note traded mixed.
It rose against the Singapore dollar at 3.2897/2971 from 3.2909/2943 and the Indonesian rupiah at 275.3/276.0 from 275.4/275.8.
However, it fell against the Thai baht trading at 13.0022/0388 from 12.9503/9682, while remaining unchanged against the Philippine peso at 7.67/7.69.
