At 9am, the ringgit rose to 4.7360/7400 versus the greenback from yesterday’s close of 4.7395/7425. — Picture by Sayuti ZainudinKUALA LUMPUR, May 10 ― The ringgit appreciated against the US dollar at the opening today on renewed buying interest and as the demand for the greenback weakened in thin trading, said analysts.Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index fell to 105.
“Consequently, it gives credence to the rate cut expectation as the US Federal Reserve might want to shift their attention from tamping down inflation to resuscitate growth,” he told Bernama. Mohd Afzanizam said the 2- and 10-year US Treasuries yielded lower by four and three basis points to 4.80 per cent and 4.45 per cent, respectively, while the US equities rallied as lower interest rates could save the corporates from high borrowing costs.“On that score, the ringgit should perform favourably. If we continue to witness weaker data going forward, it could bolster the value of emerging market currencies including the ringgit,” he added.It fell versus the Japanese yen to 3.