Ringgit closes higher against the greenback


At 6pm, the ringgit gained to 4.4340/4400 versus the greenback from Tuesday’s closing of 4.4730/4780.

KUALA LUMPUR: The ringgit closed higher against the US dollar yesterday, supported by data showing a decline in Malaysia’s inflation rate, says an economist.

According to the Statistics Department, inflation rate for December 2024 moderated to 1.7%, compared with the 2024 annual rate of 1.8%.

At 6pm, the ringgit gained to 4.4340/4400 versus the greenback from Tuesday’s closing of 4.4730/4780.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said domestically, low inflation, at 1.7% in December 2024 and 1.8% for 2024, suggested that the economy has been growing.

“The economy was able to grow above 5% in 2024, but the inflation rate remained contained. Therefore, fundamentally speaking, the Malaysian economy is in good shape, and it should attract foreign funds to come and invest in Malaysia,” he told Bernama.

He said that heightened external uncertainties may have curbed the risk appetite of foreign investors regarding Malaysia for now.

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