Ringgit edges higher as BNM holds OPR, sees resilient growth
The ringgit remained in a tight range against the greenback as markets awaited the US non-farm payrolls figures to be released on Friday night, says an analyst.
KUALA LUMPUR: The Malaysian ringgit experienced a slight increase against the US dollar on Thursday, following the decision of the Bank Negara Malaysia (BNM) to maintain the overnight policy rate (OPR) at 2.75%. The central bank affirmed that the current monetary policy stance continues to support price stability and sustainable economic growth.
As of 6pm, the ringgit was trading at 4.0405/4.0445 against the US dollar, reflecting a marginal improvement from Wednesday's close of 4.0435/4.0475. At the meeting today, BNM highlighted that economic indicators suggest resilient global growth, bolstered by robust technology expansion, improved supply conditions, and stable labor markets.
The bank projected Malaysia's economic growth to reach approximately 5% in 2026, supported by solid fundamentals that would contribute to resilient growth in 2027. Despite the ringgit's modest gains, market sentiment remains cautious, with traders closely monitoring the upcoming release of US non-farm payrolls (NFP) figures on Friday night.
The ADP Employment Report for August had fallen short of expectations, with private-sector employment rising by only 38,000, potentially impacting the market's reaction to the NFP data. Analysts from Bank Muamalat Malaysia Bhd, Afzanizam Rashid, pointed out that the ringgit's current range against the greenback remains tight as traders await crucial economic data to shape their expectations.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
