KUALA LUMPUR: The ringgit opened marginally higher against the US dollar on Monday due to a decline in the US Dollar Index (DXY) following its recent two-year high, according to an analyst.
At 8 am, the local currency stood at 4.4650/4765 against the US dollar, compared with Friday’s close at 4.4660/4710.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that US President-elect Donald Trump's cabinet selections are drawing significant attention.
He highlighted that the appointment of Scott Bessent, a hedge fund manager, as Treasury Secretary appears to be moderating the optimism surrounding Trump's 2.0 policy agenda.
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