Ringgit opens stronger against US dollar for eighth consecutive session
The Malaysian currency also gained against the pound, yen and euro, while its performance against ASEAN currencies was mixed.
Malaysia’s ringgit extended its opening gains against the US dollar to an eighth consecutive trading session on October 28. At 8am, it stood at 4.0855/0915, compared with the previous close of 4.0865/0900.
Against regional currencies, the ringgit firmed to 3.1881/1932 per Singapore dollar from 3.1883/1913 and to 12.0884/1115 against the Thai baht from 12.1010/1160. It was little changed against the Indonesian rupiah at 225.0/225.4, versus 225.0/225.3, and the Philippine peso at 6.36/6.38, versus 6.36/6.37.
The ringgit also gained against three major currencies. It reached 5.4362/4441 against the British pound, compared with 5.4412/4458 at the previous close. Its yen rate improved to 2.5858/5897 from 2.5903/5927, while its euro rate strengthened to 4.5459/5526 from 4.5524/5563.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that AI-driven optimism continued to underpin global equities and support the ringgit. He expected the US Federal Reserve to leave its federal funds rate unchanged in the range of 3.75 per cent to 4.0 per cent.
He forecast a narrow trading range for the Malaysian currency as traders assessed developments abroad, expecting it to move between RM4.07 and RM4.08 against the US dollar on October 28.
