RINGGIT RISES FOR SEVENTH STRAIGHT DAY AGAINST US DOLLAR

By Abdul Hamid A Rahman

KUALA LUMPUR, Nov 12 (Bernama) -- The ringgit closed marginally higher against the US dollar today, extending its rally for the seventh consecutive trading day, as investors remained positive ahead of the United States government reopening vote.

At 6 pm, the ringgit appreciated to 4.1315/1385 versus the greenback from Tuesday’s close of 4.1360/1395.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US House of Representatives would vote tonight on the reopening of the US government.

“If approved, the bill will be signed by the US President, which will pave the way for the resumption of government services,” he told Bernama.

He said traders and investors remained constructive on the ringgit, with Malaysia’s gross domestic product (GDP) for the third quarter (3Q) of 2025, which will be announced this Friday, likely to expand by more than 5.0 per cent.

“It looks like the GDP could come in at 5.2 per cent in the 3Q 2025, and it appears that the Overnight Policy Rate (OPR) can be maintained at 2.75 per cent in the near term.

“It’s a ringgit-positive development and therefore, the local unit would continue to be well supported,” he added.

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

It firmed versus the yen to 2.6681/6728 from 2.6798/6822 at Tuesday’s close, climbed against the euro to 4.7801/7882 from 4.7829/7869 yesterday, and rose vis-a-vis the British pound to 5.4189/4281 from 5.4297/4343 previously.

The ringgit also performed better against ASEAN currencies.

It strengthened versus the Singapore dollar to 3.1683/1742 from 3.1752/1784 yesterday, went up against the Indonesian rupiah to 247.1/247.7 from the previous close of 247.7/248.0, gained vis-a-vis the Philippine peso to 6.98/6.99 from 7.01/7.02 previously, and increased against the Thai baht to 12.7068/7346 from 12.7595/7762.

-- BERNAMA