Ringgit opens firmer vs US dollar after BNM holds OPR
The local currency rises to 4.0370/4.0420, supported by improved market sentiment.
At 8am on Friday, the Malaysian ringgit opened stronger against the US dollar, rising to 4.0370/4.0420 from Thursday's close of 4.0405/4.0445. This improvement in the local currency's value came after Bank Negara Malaysia (BNM) decided to maintain its overnight policy rate (OPR) at 2.75%, signaling a cautious approach amid strong economic growth and stable inflation rates.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid attributed the ringgit's resilience to BNM's flexible monetary policy, which could attract more investors. The US dollar's decline, fueled by comments from Federal Reserve Governor Christopher Waller, also contributed to the ringgit's rise. Waller's remarks suggested support for maintaining interest rates steady, which could further weaken the greenback.
While the ringgit strengthened against major currencies like the Japanese yen, British pound, and euro, it weakened against regional currencies such as the Singapore dollar, Thai baht, and Philippine peso.
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.
Also reported by 1 other outlet
- Ringgit opens firmer vs US dollar after BNM holds OPR freemalaysiatoday.com
