THE ringgit opened slightly higher against the US dollar today, driven by mild demand for the local note as data indicated a more dovish outlook for US interest rates.

At 9.21am, the ringgit rose to 4.6760/6810 against the greenback from Friday’s close of 4.6785/6825.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid reckons that the ringgit is likely to perform better today as data from the United States last week indicated that the US Federal Reserve might adopt a more accommodative monetary stance at some point in the future.

“The ringgit is probably moving towards its immediate support level of 4.6611 against the US dollar,” he said.

AmBank Research said in a note that the ringgit has firmed moderately following a healthier third quarter Malaysian GDP result announced on Friday.

Bank Negara Malaysia announced that the country’s economy expanded by 3.3% in the third quarter from 2.9% in the previous quarter, supported by resilient domestic demand.

The ringgit was traded lower versus a basket of major currencies.

It decreased against the euro to 5.1006/1060 from Friday’s close of 5.0771/0814, declined vis-a-vis the British pound to 5.8282/8344 from 5.8056/8105 and fell against the Japanese yen to 3.1273/1309 from 3.1267/1296.

The local note opened mostly lower against other Asean currencies.

It increased vis-a-vis the Indonesian rupiah to 301.8/302.2 from Friday’s close of 301.9/302.3 but depreciated against the Singapore dollar to 3.4823/4863 from 3.4769/4801.

The ringgit also weakened against the Thai baht to 13.3402/3609 from 13.3298/3481 on Friday and fell against the Philippine peso to 8.43/8.44 from 8.40/8.41. – Bernama, November 20, 2023.