Kuala Lumpur: The ringgit continued its uptrend in early trade on Tuesday, strengthening against the US dollar on buying interest in the local note, amid a decline in the US Dollar Index (DXY).
At 8 am, the local currency was higher at 4.3585/3665 against the greenback, compared with Monday’s close of 4.3615/3665.
The DXY fell 0.46 per cent to 99.010 points as United States (US) businesses were negatively affected by the US import tariff, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.
window.googletag = window.googletag || {cmd: []};googletag.cmd.push(function() {googletag.defineSlot('/22826383987/dailyexpress_inline', [1, 1], 'gpt-passback').addService(googletag.pubads());googletag.enableServices();googletag.display('gpt-passback');});The ringgit is expected to remain positive, with a bias toward a tight trading range, he told Bernama.
“At the current juncture, the USDMYR is quite close to its existing support level of 4.3634 and should the dollar-ringgit breach this level, the next support level will be located at 4.2607,” he added.
Mohd Afzanizam said the ringgit has performed remarkably well thus far, with the local note gaining 0.22 per cent against the greenback to 4.3640 yesterday.