Malaysian currency jumps to 39-month high against US dollar
The Malaysian ringgit (MYR) jumped against the US dollar at the close on September 30, reaching its highest level in 39 months on continued expectation of another cut in US interest rates after the latest inflation data there.
Kuala Lumpur (VNA) – The Malaysian 𝄹ringgit (MYR) jumped against the US dollar at the close on September 30, reaching its highest level in 39 months on continued expectation of another cut in US interest rates after the latest inflation data there.
At 6 pm, the MYR traded at 4.1210/1280 against the USD, up from the close of 4.1230/1280 on September 27.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the ringgit’s upward resilience to continued expectation that the US Federal Reserve (Fed) is on track to keep cutting interest rates further in light of the lower inflation trajectory in the US.
He told media that the ringgit maintained its upward bias against the USD and went to as high as 4.09 level in the early September 30 morning session, last seen in April 2021 (41-month high).
Despite rising geopolitical tensions, the ringgit appears to be navigating challenges effectively, he said.
The managing partner at SPI Asset Management Stephen Innes said that the MYR's overall trajectory remains positive, as China's stimulus measures will ease global growth concerns and bolster Malaysia's export sector.
However, Innes cautioned that the upcoming US non-farm payroll data could significantly impact the Fed's rate hike path, and that the US election may cast a large shadow over Asian currencies./.
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