Ringgit up vs US dollar, other major currencies on positive Budget 2027 sentiment
Budget 2027 reflected the government’s commitment to fiscal discipline, prompting a favourable response from investors, says analyst.
KUALA LUMPUR: The Malaysian ringgit experienced an uptick against major currencies on Monday, buoyed by optimism surrounding the government's Budget 2027 presentation last week, according to an analyst. By 6 pm, the ringgit had strengthened to 4.0820/4.0865 against the US dollar, a rise from its Friday closing rate of 4.0830/4.0875.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid attributed the positive market response to the government's demonstrated commitment to fiscal prudence. Despite ongoing external risks highlighted by the recent attack on a Saudi airport, the ringgit managed a favorable performance. Analysts noted that high oil prices, particularly Brent crude, contributed to the currency's bullish trend.
By the end of the trading day, the ringgit demonstrated a positive stance across various currencies – against the Japanese yen, British pound, euro, Indonesian rupiah, Singapore dollar, and Thai baht. However, the ringgit showed a minor dip against the Philippine peso, with the local note trading at 227.9/228.2 versus the Indonesian currency, down slightly from 228.1/228.4.
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.
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