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Ringgit opens higher as domestic optimism offsets US rate concerns | Scoop

a24022024-Money-Changer-ALIF-OMAR_19-1 — The ringgit extended its gains on Monday, buoyed by optimism over Malaysia’s domestic outlook. - Scoop file pic, November 18, 2024

Ringgit opens higher as domestic optimism offsets US rate concerns

The local currency rose to 4.4680/4780 against the US dollar, up from Friday’s close of 4.4715/4780

Updated 18 November, 2024

18 November, 2024

8:57 AM MYT

KUALA LUMPUR – The ringgit extended its gains on Monday, buoyed by optimism over Malaysia’s domestic outlook, which offset concerns about the direction of US interest rates.

At 8.03 am, the local currency rose to 4.4680/4780 against the US dollar, up from Friday’s close of 4.4715/4780.

A dealer said Malaysia’s removal from the US currency manipulation watch list reaffirmed the ringgit’s market-driven status.

Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour highlighted this development during the third-quarter economic announcement, which reported a 5.3 per cent growth in gross domestic product. – November 18, 2024

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