Kuala lumpur: The ringgit opened higher against the US dollar and stayed on a firm footing, as lingering uncertainty over US monetary policy weighed on the greenback. At 8 am, the ringgit stood at 4.1900/2065 against the US dollar, compared with Monday’s close of 4.1980/2025.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid stated that the US dollar-ringgit pair is expected to remain in a narrow range, hovering around the RM4.20 level today. He mentioned that US Federal Reserve (Fed) Governor Lisa Cook acknowledged the weakening labour market but stopped short of providing rate guidance for the December meeting. Meanwhile, Fed Governor Stephen Miran, who voted for a 50-basis-point cut, described the current monetary policy stance as restrictive.

Dr Mohd Afzanizam further noted that the US Dollar Index (DXY) remained at an elevated level, rising 0.07 per cent to 99.871 points in response to the remarks. On the US economy, he highlighted that the ISM Manufacturing Index fell to 48.7 points in October, marking the eighth consecutive month below the 50-point demarcation line. He added that most businesses have been pessimistic due to tariffs leading to higher prices and supply chain disruptions, with limited domestic options for sourcing production inputs.

At the opening, the ringgit traded higher against major currencies. It strengthened against the yen to 2.7157/7265 from 2.7230/7261 at Monday’s close, edged up against the British pound to 5.5006/5223 from 5.5099/5158, and rose versus the euro to 4.8244/8434 from 4.8344/8396 previously. The local note also traded better against ASEAN currencies, improving against the Singapore dollar to 3.2095/2224 from 3.2206/2243, firming against the Philippine peso to 7.12/7.16 from 7.14/7.15, and advancing against the Thai baht to 12.8852/9431 from 12.9285/9483. It was little changed against the Indonesian rupiah at 251.2/252.3 from 251.7/252.1 previously.