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KUALA LUMPUR, El Sky News – The Malaysian Ringgit (MYR) extended its winning streak on Friday, surging to its strongest level against the US Dollar in five years. The local currency opened higher as market optimism persisted despite a shortened trading week following the Christmas holiday.
At 8:00 AM local time, the Ringgit climbed to 4.0410/0495 against the greenback, improving from Wednesday’s closing position of 4.0425/0515. This rally marks a significant milestone, surpassing the previous high of 4.0450 recorded in February 2021.
Bank Muamalat Malaysia Bhd’s Chief Economist, Mohd Afzanizam Abdul Rashid, noted that while the market environment might be relatively quiet due to the holiday season, investor sentiment remains decidedly bullish on the Ringgit.
“The USD-MYR pair is currently hovering at a five-year high. While some profit-taking is possible as investors digest recent gains, we expect the Ringgit to maintain its strength, trading within a narrow range of 4.04 to 4.05 today,” Afzanizam told Bernama.
The Ringgit’s dominance was not limited to the US Dollar. It also showed robust performance against several major global currencies, including the Japanese Yen, the British Pound, and the Euro.
Within the ASEAN region, the Ringgit gained ground against the Singapore Dollar, the Thai Baht, and the Philippine Peso. However, it saw a marginal dip against the Indonesian Rupiah, trading at 241.3/242.0 compared to its previous close.
Analysts attribute the Ringgit’s upward trajectory to positive developments in the government’s fiscal position and a generally weakening US Dollar index. As the year draws to a close, the currency’s performance remains a key indicator of Malaysia’s strengthening economic fundamentals.
