Ringgit opens stronger against US dollar after Moody’s downgrade of US credit rating

AI Summary

The Malaysian ringgit opened stronger against the US dollar due to Moody's downgrading the US credit rating over debt concerns. The ringgit appreciated to 4.2850/3140 against the dollar. Moody's acknowledged the US dollar's status as a global reserve currency, but the downgrade is expected to weaken the dollar and strengthen emerging market currencies like the ringgit. The ringgit traded mixed against other major currencies, rising against the euro but falling against the pound and yen. It strengthened against most ASEAN currencies, including the Singapore dollar, Philippine peso, and Indonesian rupiah, but weakened against the Thai baht.