Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit was stabilising today after being on an uptrend, having appreciated by 1% against the US dollar since the beginning of this month.
he told Bernama.It is normal for the currency to stay at the prevailing level after rising significantly against the US dollar,
Prior to today, the ringgit had hit a new six-month high every day since Friday last week.
Afzanizam said that recent reports by foreign institutions have further lent support for the positive ringgit trajectory.
Fitch Ratings has maintained Malaysia’s sovereign credit rating at BBB+ with a
outlook, underpinned by a diversified economy and export base.stable
JP Morgan has also upgraded Malaysia’s rating from
tounderweight
after almost six years, crediting the country’s policy reforms, data centre investments, and infrastructure build-up.neutral
The ringgit, which opened at RM4.6640, traded between RM4.6590 and RM4.6685 during the day.
At 6pm, the ringgit firmed to 4.6680/4.4710 versus the greenback from yesterday’s closing of 4.6625/4.6660.
It performed mixed against a basket of major currencies.
The local currency fell versus the Japanese yen to 2.9827/2.9849 from 2.9809/2.9834 at yesterday’s close and weakened against the British pound to 6.0628/6.0667 from 6.0813/6.0859 yesterday, but it improved vis-a-vis the euro to 5.1021/5.1054 from 5.1022/5.1060 previously.
The ringgit traded mostly higher against Asean currencies.
It strengthened against the Singapore dollar to 3.4807/3.4832 from 3.4810/3.4839 at yesterday’s close, inched up versus the Indonesian rupiah to 288.9/289.2 from 289.5/289.9 previously, and appreciated vis-a-vis the Thai baht to 12.9750/12.9887 from 12.9918/13.0070.
However, it slipped against the Philippine peso to 8.01/8.02 from 7.99/8.00 yesterday. - FMT
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