The ringgit rebounded against the United States (US) dollar at the open today after a weaker-than-expected US consumer confidence report weighed on the greenback, reinforcing the narrative that monetary easing in the United States should remain intact this year.
At 9.50am, the ringgit was at 4.4130 against the USD from its close of 4.4200 at the end of Tuesday.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell to 106.308 points while the two- and 10-year US Treasury bonds fell six and ten basis points to 4.07% and 4.30% respectively.
He added that the ringgit could gain some ground with USD/MYR likely to hover around RM4.40 to RM4.41 today.
Meanwhile, the ringgit was trading weak against major currencies.
It fell against the Japanese yen to 2.9597/9687 from Tuesday's close of 2.9552/9584, fell against the British pound to 5.5879/6044 from 5.5806/5863 and fell against the euro to 4.6393/6530 from 4.6301/6348.
Local currencies were mostly higher against Asean currencies.
It strengthened against the Philippine peso to 7.61/7.64 from 7.63/7.64 at yesterday's close, was higher against the Thai baht at 13.0497/1005 from 13.1132/1324 and rose against the Indonesian rupiah to 269.3/270.2 from 270.40.
However, it fell against the Singapore dollar to 3.3014/3116 from 3.2997/3034
