<img loading="lazy" class="alignnone size-full wp-image-2781354" src="https://media.freemalaysiatoday.com/wp-content/uploads/2024/06/37fe5996-ringgit-up-new-2024-01-fmt-260524.webp" alt="ringgit" width="1600" height="1000" />
KUALA LUMPUR: The ringgit continued its strong footing by opening higher and touched the 4.16 level versus the greenback on Monday, buoyed by continuous buying interest in the local note.
At 8.09am, the ringgit rose to 4.1670/4.1830 against the US dollar, compared with last Friday’s close of 4.1735/4.1775.
At the closing last week, the local currency strengthened to more than a one-year high, surpassing the 4.1730/4.1790 level seen on Oct 2 last year.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit has performed favourably since last week, appreciating by more than 7% year-to-date and is the best-performing currency in Asia.
“At the same time, the resilience in the Malaysian economy would mean Bank Negara Malaysia (BNM) may want to maintain the prevailing Overnight Policy Rate level, suggesting the gap with the Fed Fund Rate would be reduced further, leading to possible appreciation in the ringgit.
“As such, key data points such as the third quarter 2025 gross domestic product, which will be announced on Friday, would keep the ringgit steady in the near term,” he told Bernama.
Meanwhile, BNM governor Rasheed Ghaffour, in an interview with The Edge, said the global landscape has changed completely from the past.
He said that this year, the ringgit is up 6% against the US dollar and also higher by 2.4% against major trading partner currencies such as the Singapore dollar and Chinese yuan.
“Now that Malaysia operates under a flexible exchange rate system, the ringgit adjusts to global and domestic conditions.
“In recent years, external factors have exerted some pressure on the ringgit but we have also seen our coordinated efforts provide enduring support.
“Ultimately, what matters is maintaining strong fundamentals and sound policies so the ringgit reflects the strength of the economy over time,” he said.
At the opening, the ringgit was mostly higher against a basket of major currencies.
It gained against the yen to 2.7108/2.7214 from 2.7192/2.7220 at last Friday’s close and increased versus the euro to 4.8133/4.8319 from 4.8154/4.8200, however, it weakened against the British pound to 5.4759/5.4969 from 5.4660/5.4713 previously.
The local note was stronger against Asean currencies.
It strengthened against the Singapore dollar to 3.1995/3.2123 from 3.2015/3.2048 at last Friday’s close, rose against the Indonesian rupiah to 249.6/250.7 from 250.0/250.4 and climbed against the Philippine peso to 7.06/7.09 from 7.07/7.08 previously.
The ringgit also improved against the Thai baht to 12.8556/12.9145 from 12.8999/12.9174 on Friday.

MatchPoint Times

Ringgit surges to touch RM4.16 level at opening versus greenback

The local note climbs to 4.1670/4.1830 after strengthening to more than a one-year high at the closing last week.

Shoigu leads large Russian delegation to Egypt for military talks

Bezos’s Blue Origin postpones rocket launch over unfavourable weather