Ringgit extends gains for eighth straight trading day, opens at 4.0855 against US dollar

KUALA LUMPUR, Oct 28 — The Malaysian ringgit has continued its upward trend for the eighth straight trading day, opening at 4.0855 against the US dollar. This gain is attributed to sustained optimism in the financial market, particularly driven by the artificial intelligence (AI) theme, which has bolstered global equities and provided support to the Malaysian currency.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid stated that the ringgit is likely to remain within a narrow range as traders assess external developments before determining their trading direction. The local currency is expected to fluctuate between RM4.07 and RM4.08 against the US dollar today. The ringgit also exhibited strength against other major currencies, including the British pound, Japanese yen, and euro.

However, it showed mixed performance when compared to its Asean counterparts, such as the Singapore dollar, Thai baht, Indonesian rupiah, and Philippine peso.