Ringgit Continues to Strengthen, US Dollar Remains Down!

<p>&nbsp;This morning, the Malaysian Ringgit (RM) opened higher against the US dollar due to the continued weakness of the currency. The ringgit jumped to RM4.64 compared to yesterday which closed at RM4.66.</p><p><br /></p><p>According to the Chief Economist of Bank Muamalat Malaysia Bhd, Mohd Afzanizam said the ringgit will continue to be well supported when the US dollar index drops 0.43% to 103,472 points.</p><p><br /></p><p>He said again, auctions for three-month and six-month US treasuries showed lower yields of 5.27% and 5.23%, respectively.</p><p><br /></p><p><br /></p><p>The local currency is expected to trade close to the support level at RM4.6611 against the US dollar.</p><p><br /></p><p>The ringgit is also seen to strengthen against the euro from 5.0999 to 5.0843 since yesterday. Meanwhile, the Japanese yen went from 3.1456 to 3.1380.</p><p><br /></p><p>In addition, the ringgit is also higher compared to other Asean currencies such as the Indonesian rupiah to 300.6 and the Singapore dollar to 3.4733.</p><p><br /></p><p>Additionally, the local currency appreciated against the Thai baht from 1.2784 to 13.2450 and was virtually unchanged against the Philippine peso at 8.39.</p>