Ringgit rises against US dollar for eighth straight day
The local note opens higher at 4.0855/4.0915 as AI-driven optimism in global equities provides support.
KUALA LUMPUR: The Malaysian ringgit opened stronger against the US dollar for the eighth straight trading day today, indicating persistent upward momentum in the local currency at market opening. At 8am, the ringgit climbed to 4.0855/4.0915 against the US dollar, up from Tuesday's close of 4.0865/4.0900. Afzanizam Rashid, chief economist at Bank Muamalat Malaysia Bhd, noted that optimism in the financial market, fueled by the artificial intelligence (AI) theme, has maintained dominance in global equities, bolstering the Malaysian currency.
Rashid also mentioned that the US Federal Reserve (Fed) is anticipated to maintain the federal funds rate within the range of 3.75% to 4.0%. Consequently, the ringgit is projected to trade within a tight range as traders evaluate external developments to gauge their trading strategies. The local note is expected to fluctuate between RM4.07 and RM4.08 against the US dollar today.
The ringgit also exhibited a positive trend against a range of major currencies. It strengthened against the British pound, moving from 5.4412/5.4458 to 5.4362/5.4441, advanced versus the Japanese yen from 2.5903/2.5927 to 2.5858/2.5897, and climbed against the euro from 4.5524/4.5563 to 4.5459/4.5526. However, the ringgit displayed mixed performance against its ASEAN counterparts.
It slightly increased against the Singapore dollar from 3.1883/3.1913 to 3.1881/3.1932 and edged up against the Thai baht from 12.1010/12.1160 to 12.0884/12.1115. The local currency remained relatively stable against the Indonesian rupiah at 225.0/225.4, and the Philippine peso at 6.36/6.38.
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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