KUALA LUMPUR: The ringgit opened firmer against the US dollar on Tuesday, supported by weaker US economic data that continued to weigh on the greenback.
At the 8am opening, the ringgit traded at 3.9485/3.9500 versus the US dollar, a level last seen in May 2018, compared with Monday’s close of 3.9500/3.9555.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Dollar Index (DXY) slid 1.32% to 95.759 points, as recent data strengthened expectations of monetary easing later this year.
“The US Conference Board’s Consumer Confidence Index fell more than expected to 84.5 points in January, below the consensus estimate of 90.6 points, signalling rising concerns among Americans over the cost of living and weakening job prospects,” he said.
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