KUALA LUMPUR: The ringgit continued its upward momentum against the US dollar at the opening today, breaking the RM4.14 level for the first time since November 2021, according to an economist.

This strength was attributed to better-than-expected local economic data, a recent US interest rate cut, and concerns about the US economic outlook.

At 8 am, the ringgit was trading at 4.1490/1600 against the dollar, compared to Tuesday's close of 4.1550/1605.

Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid highlighted that the US Conference Board's Consumer Confidence Index dropped more than anticipated to 98.7 points, indicating that consumers, who make up two-thirds of the US economy, are increasingly cautious about the future.

"The US Dollar Index (DXY) declined by 0.49 percent to 100.360 points as a result.

"Therefore, the ringgit is expected to maintain its positive trajectory amid further US interest rate cuts," he told Bernama.

However, the ringgit weakened against a basket of major currencies.

It dropped against the euro to 4.6427/6550 from 4.6274/6335 at Tuesday’s close, slid against the British pound to 5.5704/5852 from 5.5590/5663, and weakened against the Japanese yen to 2.9002/9083 from 2.8796/8836.

Against ASEAN currencies, the ringgit showed mixed performance.

It strengthened against the Indonesian rupiah to 273.1/274.0 from 273.5/274.0 and rose against the Philippine peso to 7.37/7.40 from 7.39/7.40 at Tuesday’s close.

However, it weakened against the Singapore dollar, falling to 3.2348/2437 from 3.2244/2289, and slipped to 12.7184/7607 from 12.6426/6640 against the Thai baht.