RINGGIT OPENS HIGHER AGAINST GREENBACK ON RENEWED DEMAND

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Nov 17 (Bernama) -- The ringgit opened higher against the US dollar from last Friday’s losses amid renewed demand for the local currency, underpinned by steady domestic fundamentals following Malaysia’s latest gross domestic product (GDP) report.

At 8.01 am, the ringgit was at 4.1230/1390 versus last Friday’s close of 4.1290/1345.

The local currency had strengthened to more than a year’s high, a level last seen on Sept 30, 2024, when the local note was traded at 4.1210 at the close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said Malaysia’s third-quarter 2025 GDP growth of 5.2 per cent, in line with consensus expectations, signalled steady economic momentum and provided medium-term support for the ringgit.

“We foresee the ringgit could experience some correction as the currency is already in the overbought condition.

“Meanwhile, the United States’ (US) December rate cut is not a sure thing as there are US Federal Reserve (Fed) members who prefer to keep it steady,” he said, adding that the ringgit is expected to linger at the RM4.13-RM4.14 level today.

The ringgit traded higher against a basket of major currencies in the early session today.

It strengthened versus the yen to 2.6667/6772 from 2.6690/6728 at Friday’s close, appreciated against the euro to 4.7880/8066 from 4.7983/8047 and firmed vis-a-vis the British pound to 5.4242/4453 from 5.4313/4385 previously.

The ringgit traded mostly higher against ASEAN currencies, except for the Singapore dollar, which eased to 3.1735/1861 from Friday’s close of 3.1720/1765.

It rose against the Thai baht to 12.6940/7523 from 12.7356/7580 at Friday’s close, improved versus the Indonesian rupiah to 246.7/247.8 from 247.1/247.5 and was higher against the Philippine peso at  6.98/7.01 from 6.99/7.00 previously.

-- BERNAMA