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Abstract：The Malaysian ringgit extended its rally, reaching a five-year high against the US dollar, trading in a narrow range of RM4.04-RM4.05.
The ringgit continued its strong run on Friday, opening higher to touch another five-year high against the US dollar as market sentiment remained supportive of the local currency.
At 8am, the ringgit strengthened to 4.0410/0495 versus the greenback, improving from Wednesdays closing level of 4.0425/0515. The gain comes amid thin trading conditions during the holiday-shortened week, which has kept movements relatively subdued.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said currency markets are likely to stay quiet for now, with many investors already having priced in recent positive developments. Despite that, sentiment towards the ringgit remains constructive, with the US dollar-ringgit pair now trading at its strongest level in five years.
He noted that some profit-taking could emerge at these levels, especially after the recent rally. For the day, he expects the ringgit to move within a narrow range of between RM4.04 and RM4.05 against the US dollar.
The ringgit also opened stronger against most major currencies. It appreciated against the Japanese yen to 2.5874/5930 from 2.5940/5999 previously, while gains were also seen against the British pound at 5.4578/4693 compared with 5.4647/4768. The local currency firmed against the euro as well, trading at 4.7615/7715 from Wednesdays 4.7697/7804.
Against regional currencies, the ringgit was mostly higher. It rose versus the Singapore dollar to 3.1460/1531 from 3.1506/1578 and strengthened against the Thai baht to 12.9990/13.0352 from 13.0486/0705. The ringgit also edged up against the Philippine peso to 6.86/6.89 from 6.88/6.90 previously.
However, it was slightly weaker against the Indonesian rupiah, trading at 241.3/242.0 compared with 241.0/241.8 earlier.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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