The ringgit began the day at 4.4910/4.4935 to the US dollar, up from yesterday’s closing rate of 4.4960/4.4985.

Analysts have attributed the improvement to rising hopes of an agreement on raising the US debt ceiling.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid told Bernama the failure to reach an agreement on the US debt ceiling could easily lead to a risk-off environment.

On the stock exchange, the FTSE Bursa Malaysia KLCI (FBM KLCI) began the day just 0.55 of-a-point higher at 1,417.92 points from yesterday’s close of 1,417.37 points.

Six minutes later, it was up another 2.2 points to settle at 1,420.12 points.

An improvement in regional sentiment that helped to raise local investors’ risk appetite led to the improvement, analysts said.

There were 130 gainers on the broader market, compared with 111 losers. Another 204 counters were unchanged, 1,797 were not traded and 23 were suspended.

The turnover stood at 139.28 million units worth RM50.34 million.