The ringgit extended its gains at the start of the week as optimism about Malaysia's domestic outlook offset concerns about the direction of US interest rates.
At 10.00 am, the ringgit was at 4.4620 which is a strong 0.13% against the USD from closing at 4.4715 on Friday last week.
Bank Muamalat Malaysia Bhd Chief Economist Dr Afzanizam said Malaysia's third quarter economic data showed the economy was on a stronger growth path this year.
He also said that political stability that is undivided in increasing the renewal of the country's attractiveness as an investment destination.
Meanwhile, markets remain cautious about Donald Trump's policy of significant tax cuts and tariff hikes.
The agenda is capable of increasing inflation as well as threatening the Fed's policy easing path last week.
He predicts USD/MYR trading in a narrow range as the market weathers uncertainty until the US President officially takes office on January 20, 2025.
On Friday, Bank Negara Malaysia governor Abdul Rasheed Ghaffour announced gross domestic product growth of 5.3% for the third quarter.
However, the ringgit traded mostly higher against a group of major currencies.
It strengthened against the British pound to 5.6368/5.6494 from 5.6573/5.6656 at Friday's close and rose against the euro to 4.7066/4.7171 from 4.7224/4.7292.
However, it weakened against the Japanese yen to 2.8936/2.9003 from 2.8774/2.8818.
The local unit showed a mixed performance against Asean currencies.
It strengthened against the Philippine peso to 7.60/7.63 from 7.61/7.63, rose against the Indonesian rupiah to 281.4/282.2 from 281.6/282.2, and rose against the Singapore dollar to 3.3284/3.3361 from 3.3330/3.3381.
Conversely, it eased against the Thai baht to 12.8383/12.8789 from 12.8307/12.8541. – Bernama
