Ringgit Hits 15-Month High, Continues Winning Streak Against USD
The Ringgit continued its impressive run, surpassing the 4.50 mark against the US dollar to reach a 15-month high. According to Bloomberg, the Ringgit opened at 4.5685 against the USD on Friday and quickly turned positive, reaching 4.4880. By 6 PM, it stood at 4.4945. The Ringgit also strengthened against the Singapore dollar, reaching 3.3724 from an opening of 3.4182. Bank Muamalat’s chief economist Dr. Mohamad Afzanizam Abdul Rashid attributed the Ringgit’s strength to increasing expectations of a Fed rate cut and weakening US economic indicators. The Ringgit’s strong fundamentals and positive market sentiment are expected to support its continued appreciation.
