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THE ringgit opened marginally higher against the US dollar on Wednesday, buoyed by a weaker greenback following softening economic data from the United States.
At 8am, the local currency edged up to 4.1960/2020 against the dollar, compared with Tuesday’s close of 4.1985/2000.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the movement to a dip in the flash US Composite Purchasing Managers’ Index (PMI), which fell to 53.6 in September from 54.5 in August.
“Rising costs from higher import tariffs and weak demand are limiting firms’ ability to pass costs to consumers,” Bernama quoted him saying today.
He also pointed to a 0.12% fall in the US Dollar Index (DXY) to 97.225, noting that US Federal Reserve chairman Jerome Powell had warned there were “no risk-free paths” in achieving the Fed’s dual mandate of maximum employment and price stability.
Dr Afzanizam expects the ringgit–US dollar pair to trade between RM4.19 and RM4.21.
SPI Asset Management managing director Stephen Innes noted the market is likely to enter a period of consolidation. “Traders are shifting their focus to next week’s Non-Farm Payrolls report, which is likely to be US dollar-negative,” he said.
At the same time, the ringgit posted a mixed performance against other major currencies. It strengthened to 2.8438/8480 against the Japanese yen but weakened to 5.6743/6824 against the British pound and 4.9572/9642 versus the euro.
Against regional peers, the ringgit was firmer across the board, trading at 3.2697/2746 versus the Singapore dollar, 13.1577/1836 against the Thai baht, 251.4/251.9 against the Indonesian rupiah and 7.32/7.34 against the Philippine peso. - September 24, 2025