Ringgit nears one-year high against greenback

MIDF Research said the ringgit still has room to strengthen further towards the end of the year, driven by fund inflows triggered by Fed’s potential rate cuts.

PETALING JAYA: The ringgit has strengthened to almost a year high against the US dollar amid growing expectations that the US Federal Reserve (Fed) would cut interest rates next month.

The Malaysian currency gained almost 1% yesterday to hit RM4.545 per US dollar, its highest in a year, before settling at around RM4.566 against the greenback. This marked the ninth consecutive day of appreciation of the ringgit, positioning it as the best performing currency in Asia year-to-date with a gain of 2.7% against the US dollar.