Ringgit Strengthens Against US Dollar Amid Favourable Asian Currency Sentiment

The Malaysian ringgit rose against the US dollar on Friday, July 3, as positive Asian currency sentiment and lower-than-expected US Nonfarm Payrolls (NFP) data influenced market dynamics.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the favourable performance to the NFP figure, which came in below expectations, suggesting a less urgent need for the US Federal Reserve to raise its benchmark interest rate.

The ringgit strengthened to 4.0600 against the greenback during the morning session but pared some gains in the afternoon before settling at 4.0690/0735 at the close of trading.