Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit was seen on firmer footing today, especially during the afternoon session, gaining 0.38% to RM4.2188.

“The US Dollar Index (DXY) was down 0.07% to 98.167 points. Tonight, the second estimate for the US gross domestic product growth for the second quarter will be announced,” he told Bernama.

He said in the first estimate, the US economy was projected to grow by 3% from -0.5% in the preceding quarter.

“However, the bulk of the growth came from the 30% plunge in imports, which led to a significant contribution to growth from higher net exports.

“In a nutshell, the higher growth in the June quarter looks superficial and the higher tariff has taken a serious toll on imports,” he added.

Investors are also awaiting the US personal consumption expenditures data tomorrow.

At 6pm, the local note bounced to 4.2140/4.2195 versus the US dollar from yesterday’s close of 4.2335/4.2365.

At the close, the ringgit settled lower against a basket of major currencies.

It edged down versus the euro to 4.9089/4.9153 from 4.9058/4.9093 at yesterday’s close, fell vis-à-vis the Japanese yen to 2.8639/2.8679 from 2.8591/2.8611, and dipped against the British pound to 5.6893/5.6967 from 5.6890/5.6930.

It traded higher against other Asean currencies.

The local note strengthened versus the Singapore dollar to 3.2809/3.2854 from 3.2843/3.2869 yesterday, advanced against the Thai baht to 13.0142/13.0364 from 13.0330/13.0474, and went up against the Philippine peso to 7.38/7.39 from 7.40/7.41.

It gained versus the Indonesian rupiah to 257.6/258.1 from 258.6/258.9.