Kuala lumpur: The ringgit experienced a resurgence this morning, opening higher against the US dollar following reports of a more conciliatory approach by US President Donald Trump towards China.

According to BERNAMA News Agency, at 8 am, the ringgit appreciated to 4.2335/2550 against the US dollar, improving from Wednesday’s closing rate of 4.2400/2490. Bank Muamalat Malaysia Bhd’s chief economist, Dr Mohd Afzanizam Abdul Rashid, highlighted that the US Dollar Index (DXY) decreased by 0.23 percent to 98.392 points. This decline was attributed to President Trump’s less aggressive rhetoric towards China, despite the ongoing trade deficit with the Asian economic powerhouse.

Dr Mohd Afzanizam also mentioned circulating reports about the potential dismissal of Federal Reserve Chairman Jerome Powell by President Trump, which appear to have generated positive sentiment in the market. Consequently, he noted that the ringgit might gain momentum today, after experiencing a slight decline of 0.07 percent to 4.2445 the previous day.

In the currency market, the ringgit showed mixed performance against major currencies at the opening. It gained strength against the British pound, trading at 5.6767/7055 compared to the previous 5.6786/6907. However, it weakened against the Japanese yen, at 2.8603/8750 from 2.8508/8569, and dipped against the euro to 4.9257/9507 from 4.9248/9352.

Against ASEAN currencies, the ringgit mostly showed an upward trend. It rose against the Singapore dollar to 3.2987/3159 from 3.2999/3071, appreciated against the Indonesian rupiah to 259.9/261.3 from 260.3/260.9, and edged up against the Philippine peso to 7.41/7.46 from 7.43/7.45. However, it declined against the Thai baht, trading at 13.0322/1076 compared to Wednesday’s 13.0301/0630.