Bursa closes marginally higher on late buying

KUALA LUMPUR, Oct 28 — The Malaysian ringgit ended the day higher against the US dollar due to confidence in the country's economic fundamentals, fueled by optimism surrounding AI-related investments and anticipations of steady domestic growth, according to an analyst. At 6 pm, the ringgit reached 4.0745/0790 against the US dollar, up from yesterday's close of 4.0865/0900.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that while the US dollar remains strong before the Federal Reserve's monetary policy decision, the ringgit's strength indicates that domestic fundamentals may be countering external uncertainties. "In the future, expectations of the potential normalization of the overnight policy rate (OPR) may provide additional support to the local currency, although short-term movements will remain susceptible to US monetary policy developments and geopolitical risks," Dr Rashid told Bernama.

The ringgit also strengthened against the British pound, Japanese yen, and euro compared to major currencies, and was mostly higher against Asean currencies, including the Singapore dollar, Indonesian rupiah, and Thai baht.