Ringgit ends higher vs greenback ahead of Budget 2027

 The local currency is expected to trade within a narrow range ahead of the tabling of Budget 2027.

KUALA LUMPUR:

The ringgit closed marginally higher against the US dollar on Tuesday as investors kept a close watch on Budget 2027, to be tabled on Friday, for fresh trading cues, an analyst said.

At 6pm, the ringgit climbed to 4.0835/4.0880 against the greenback from yesterday’s close of 4.0845/4.0890.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the ringgit is expected to trade within a narrow range ahead of the tabling of Budget 2027.

He noted that the ringgit maintained its tight range bias today, moving between RM4.0848 and RM4.0880, while the US Dollar Index (DXY) dipped 0.14% to 102.028 points.

“Still, the DXY remains elevated, with expectations of higher US (interest) rates likely to continue supporting the greenback,” he told Bernama.

At the close, the ringgit traded mostly lower against a basket of major and Asean currencies.

The local note gained against the Japanese yen to 2.5807/2.5837 from 2.5858/2.5886 at yesterday’s close but slid against the euro to 4.5907/4.5957 from 4.5775/4.5825 and depreciated against the British pound to 5.4066/5.4125 from 5.4022/5.4081 previously.

Against its Asean peers, the ringgit appreciated against the Philippine peso to 6.50/6.51 versus 6.52/6.53 at yesterday’s close, but edged down against the Singapore dollar to 3.1935/3.1975 from 3.1905/3.1943.

The local currency was marginally lower against the Indonesian rupiah at 228.1/228.4 versus 227.9/228.3 and weakened against the Thai baht to 12.1424/12.1609 from 12.1234/12.1411 previously. - FMT