Ringgit Climbs Sharply, Hits RM3.87 Against US Dollar at Market Opening Amid Global Currency Shifts

KUALA LUMPUR, Feb 24, 2026 — The Malaysian ringgit opened stronger against the US dollar on Tuesday, with the local currency reaching around RM3.87 per US dollar in early forex trading, reflecting renewed market confidence and shifting global sentiment.

At the opening of the foreign exchange market, the ringgit was quoted at approximately 3.8790/9010 versus the greenback — a noticeable uptick from the previous day’s closing levels. This marked the currency’s strongest opening in recent sessions and a continuation of gains seen over the past week.

Economists have attributed the ringgit’s rally to several factors. Key among them is the pricing in of Malaysia’s positive macroeconomic data, which has bolstered investor confidence. At the same time, markets have been adjusting to uncertainties surrounding US monetary and trade policy developments, particularly shifts in tariff strategies and economic growth outlooks that have influenced demand for the US dollar.

Bank Muamalat Malaysia Bhd’s chief economist Dr Mohd Afzanizam Abdul Rashid noted that the local note appreciated roughly 0.31 percent against the dollar at the start of trading, continuing its momentum after breaching psychological levels that had previously capped gains.

In addition to its performance versus the greenback, the ringgit also showed strength against a range of other major and regional currencies. Early trading saw gains against the Japanese yen, euro, British pound, and ASEAN currency peers such as the Singapore dollar and Thai baht, indicating a broader uptick in the local unit’s competitiveness.

Market participants have been closely watching shifts in global currency markets, particularly as the US dollar has weakened in response to domestic policy uncertainty and geopolitical developments. Analysts say that these external pressures, combined with solid domestic economic signals, have helped support the ringgit’s upward movement.

The last time the ringgit traded at similar levels was in April 2018, making the recent performance notable for both investors and policymakers tracking Malaysia’s exchange rate trajectory.

However, economists caution that while the ringgit’s strengthening trend is positive for importers and consumers purchasing USD-denominated goods, it also presents challenges for exporters by making Malaysian goods and services relatively more expensive abroad. Further movements in global markets and shifts in geopolitical or policy landscapes will continue to influence the currency’s direction in the coming weeks.