Ringgit rises against US dollar as market sentiment improves

KUALA LUMPUR, Sept 21 — The Malaysian ringgit surged against the US dollar on Monday, buoyed by a boost in market sentiment and a dip in oil prices. At 6pm, the local currency rose to 4.0755/4.0800 against the greenback, up from Friday's close of 4.0795/0840. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the sentiment improvement to possible US President Donald Trump meeting Iranian President Masoud Pezeshkian during the UN General Assembly.

He noted that this led to an appreciation of other emerging market currencies, including the ringgit. At the close, the ringgit traded mainly higher against a group of major currencies, strengthening against the euro, British pound, and Indonesian rupiah, while weakening against the Japanese yen and Singapore dollar.