The ringgit opened higher against the US dollar on Friday as investors remained cautious about the policies of the United States (US) President Donald Trump administration, especially on tariffs and geopolitics.
At 10.20am, the ringgit was at 4.4170 against the US dollar from its close of 4.4270 at the end of Thursday.
Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam Abdul Rashid said the US dollar weakened in an environment of falling Treasury yields and falling equity prices as investors weighed corporate earnings.
He added that the latest earnings reports from major US retailers highlighted that uncertainties in consumer behavior, global economic conditions and geopolitical conditions are expected to weigh on financial performance this year.
The US Dollar Index stood at 106.372 points compared to the previous level of 107.
A weaker economic outlook usually raises expectations that monetary easing by the central bank will take place.
Meanwhile, the ringgit traded lower mostly higher against several other major currencies.
The local unit rose against the Japanese yen to 2.9435/9619 from 2.9454/9490 and gained against the British pound to 5.5794/6136 from 5.5833/5896, however it depreciated against the euro to 4.6238/6521 from 4.6196/6248.
The ringgit rose against the currencies of Asean countries.
It rose against the Singapore dollar to 3.3023/3228 from 3.3060/3099 and also strengthened against the Thai baht to 13.1232/2146 from 13.1459/1685.
Meanwhile, the local currency strengthened against the Indonesian rupiah to 269.5/271.3 from 270.9/271.4 and surged against the Philippine peso to 7.60/7.65 from 7.64/7.65 at yesterday's close.
