Ringgit Weighed Down by Strong US Dollar Amid Positive Economic Data

The Malaysian ringgit ended slightly weaker against the US dollar on Tuesday, but managed to rise against other major currencies. The local currency lost ground against the greenback, easing to 4.0945/0985 from Monday's close of 4.0935/0975.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the US dollar's strength to positive economic data from the United States, which reinforced confidence in the US economy.

The ringgit, however, showed resilience against other major currencies. It appreciated against the Japanese yen, euro, and British pound, as well as regional currencies such as the Thai baht, Indonesian rupiah, Philippine peso, and Singapore dollar.