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Ringgit strengthens, rises against US dollar, major currencies | Scoop
At 9.05am, the ringgit edged up to 4.7580/7620 against the greenback compared with yesterday's close of 4.7585/7635. – Scoop pic, February 28, 2024
News

Ringgit strengthens, rises against US dollar, major currencies

This is supported by positive sentiment following Bank Negara Malaysia's statement on local currency's valuation

Bernama
Updated
10:20 AM MYT

 

KUALA LUMPUR – The ringgit was slightly higher against the US dollar at the start of trading today, as well as against a basket of other major currencies and Asean currencies, owing to positive sentiment following Bank Negara Malaysia’s (BNM) statement on the local note’s valuation. 

At 9.05am, the ringgit edged up to 4.7580/7620 against the greenback compared with yesterday’s close of  4.7585/7635.  

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the central bank’s assurance regarding the ringgit’s valuation has helped improve its value and this might continue further today. 

Yesterday, BNM governor Datuk Abdul Rasheed Ghaffour said in a statement that the ringgit is undervalued.

He also said the central bank has stepped up its engagements with government-linked investment companies, government-linked companies, corporations and investors to encourage continuous inflows into the foreign exchange market.

Previously, Prime Minister Datuk Seri Anwar Ibrahim said the central bank has been assigned to monitor the ringgit closely, and on the government’s side, relevant ministries and authorities, including the investment council, are conducting daily meetings to tackle the issue of the declining ringgit.

Afzanizam said foreign exchange market participants will also pay close attention to the release of personal consumption expenditure inflation tomorrow. 

The US Conference Board Consumer Confidence fell short of expectations when the index dropped to 106.7 points (January: 110.9 points) against consensus estimates of 115 points. 

“There appears to be a less sanguine outlook among US consumers, with the percentage of those who say jobs are not plentiful rising to 13.5% in February from 11.0% in the previous month. 

“On that note, the US dollar index has remained steady at around 103 points after reaching 105 points on February 13. This will provide support for the ringgit, although the uncertainties remain heightened owing to a bullish view on the US dollar,” he said. 

Meanwhile, the ringgit was traded higher against a basket of major currencies.

The local currency improved vis-a-vis the Japanese yen to 3.1623/1652 from 3.1671/1706 at yesterday’s close, rose against the British pound to 6.0322/0373 from 6.0362/0425, and strengthened versus the euro to 5.1586/1630 from 5.1625/1679 previously.

The ringgit also performed stronger against other Asean currencies. 

It edged up versus the Thai baht to 13.2627/2787 from yesterday’s close of 13.2782/2984 and was up against the Singapore dollar at 3.5404/5439 compared to 3.5419/5459 previously.

The local note also gained versus the Philippine peso to 8.47/8.48 from 8.48/8.49 yesterday and inched up vis-a-vis the Indonesian rupiah to 304.0/304.5 from 304.1/304.6 yesterday. – February 28, 2024

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