Ringgit up vs US dollar, other major currencies on positive Budget 2027 sentiment

 Budget 2027 reflected the government’s commitment to fiscal discipline, prompting a favourable response from investors, says analyst.

KUALA LUMPUR:

The ringgit closed higher against the US dollar and other major currencies on Monday, supported by positive market sentiment following the Budget 2027 announcement last week, an analyst said.

At 6pm, the ringgit strengthened to 4.0820/4.0865 against the greenback from Friday’s close of 4.0830/4.0875.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said Budget 2027 reflected the government’s commitment to fiscal discipline, prompting a favourable response from investors.

“The ringgit was positive against the greenback today despite the heightened external risk, with Brent crude oil prices staying elevated. The weekend attack at a Saudi airport in Riyadh suggests the war in West Asia could potentially escalate to a wider conflict,” he told Bernama.

At the close, the ringgit traded higher against a basket of major currencies.

The local note rose against the Japanese yen to 2.5739/2.5769 from 2.5791/2.5821 at Friday’s close, climbed against the British pound to 5.4017/5.4077 from 5.4063/5.4123 and jumped against the euro to 4.5637/4.5687 from 4.5807/4.5858.

Against its Asean peers, the local note climbed against the Indonesian rupiah to 227.9/228.2 from 228.1/228.4 but remained unchanged against the Philippine peso at 6.50/6.51.

It edged up against the Singapore dollar to 3.1873/3.1911 from 3.1896/3.1934 at Friday’s close and slid against the Thai baht to 12.1391/12.1568 from 12.1735/12.1909. - FMT