KUALA LUMPUR: The ringgit closed higher against the US dollar today, marking its eighth straight day of gains as improved risk sentiment continued to support the local note.
It also came close to its 13-month high, which was last recorded at 4.1230 on Sept 27, 2024.
At 6 pm, the ringgit appreciated to 4.1260/1300 versus the greenback from Wednesday’s close of 4.1315/1385.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit remains the best-performing currency year-to-date, gaining 8.34 per cent since January.
"The long-term average of 3.81 since the currency peg was removed in 2005 suggests the ringgit still has room to strengthen further,” he told Bernama.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the ringgit’s performance is supported by a mix of steadier domestic fundamentals and a more favourable global backdrop.
He said the currency continues to draw strength from a firmer current account position, steadier trade inflows, and a resilient labour market.
"These factors are broadly in line with the MADANI policy framework’s emphasis on ‘raising the floor, raising the ceiling’, which has helped bolster investor confidence,” he added.
At the close, the ringgit traded lower against a basket of major currencies.
It eased versus the yen to 2.6700/6728 from 2.6681/6728, receded against the euro to 4.7928/7974 from 4.7801/7882, and dropped vis-a-vis the British pound to 5.4282/4334 from 5.4189/4281, previously.
The ringgit traded mixed against ASEAN currencies.
It strengthened against the Thai baht to 12.7724/7903 from 12.7068/7346, and increased against the Indonesian rupiah to 246.6/247.0 from 247.1/247.7.
However, it slid against the Singapore dollar to 3.1729/1762 from 3.1683/1742, and shed against the Philippine peso to 6.99/7.00 from 6.98/6.99. - Bernama
