Ringgit Surges Against Dollar Amid Strong Economic Data

The ringgit opened higher against the US dollar on Monday, supported by Malaysia's strong economic data.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the local currency was expected to remain well-supported in the near term due to robust macroeconomic indicators.

The ringgit traded at 4.0360/0410 against the greenback, up from Friday's close of 4.0365/0405.

Afzanizam noted that investors would focus on long-term US Treasury yields and pay attention to the Jackson Hole Symposium for clues on the Federal Reserve's next move in September.