Ringgit Rises Against Major Currencies Amid Strong Malaysian Economic Data

The Malaysian ringgit opened stronger against major currencies on Monday, driven by the country's robust economic data.

The local currency traded at 4.0360/4.0410 against the US dollar, up from Friday's close of 4.0365/4.0405.

Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, attributed the ringgit's strength to Malaysia's strong macroeconomic data, including July's export figures, which could indicate an upside surprise in economic growth in the second half of the year.

Rashid predicted that the ringgit would likely trade between 4.03 and 4.05 against the US dollar on Monday, with a possible attempt to break the RM4.03 level.