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The ringgit rose to a five-year high against the US dollar on Wednesday morning, 24 December, a day before Christmas celebrations
According to Bernama, the ringgit surged to 4.0490/0710 against the greenback at 8am today, up from 4.0615/0665 at yesterday's close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) fell 0.39% to 97.903 points after the Conference Board, a global nonprofit think tank, reported that US consumer confidence dropped to 89.1 points in December from 92.9 points in November, below the consensus estimate of 91.7 points.
He added that the ringgit had already closed 0.39% higher against the US dollar at 4.06 on Tuesday, 23 December.
"As such, the ringgit could maintain its positive momentum, supported by the latest US economic data," he told Bernama.
As of 11.30am today, Bank Negara data shows the US dollar trading at RM4.041 and RM4.066 for selling.
The local currency also strengthened against other ASEAN currencies
It rose against the Singapore dollar to 3.1524/1701 from 3.1607/1648, and strengthened against the Thai baht to 13.0126/0921 from 13.0486/0705.
It also advanced against the Indonesian rupiah to 241.2/242.6 from 241.9/242.3, and edged higher against the Philippine peso to 6.88/6.92 from 6.90/6.91 previously.
USD1 was RM4.06 yesterday, 23 December.
Image via Google via Morning Star