KUALA LUMPUR: The Malaysian ringgit closed marginally higher yesterday but still hit a new 39-month high against the greenback on continued expectation of another cut in US interest rates after the latest inflation data there.
At 6pm, the ringgit traded at 4.1210/1280, up from last Friday’s close of 4.1230/1280.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid attributed the ringgit’s upward resilience to continued expectation that the Federal Reserve (Fed) is on track to keep cutting interest rates further in light of the lower inflation trajectory in the United States.
“The ringgit maintained its upward bias against the greenback today and went to as high as the 4.09 level in the early morning session, last seen in April 2021 (41-month high), before retracing back towards 4.12 in the second half of the day,” he told Bernama.
