Ringgit Hits 20-Month High Against USD, Falls Against Other Currencies
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Last Friday, the ringgit managed to breach the RM4.30 level. This marks a 20-month high against the US dollar, as traders remain optimistic for the United States Federal Reserve (Fed) to cut interest rates between 25 and 50 basis points.
Last Friday, the local note appreciated to 4.2975/3050 versus the greenback from Thursday’s 4.3330/3370, according to Bernama.
Ringgit hits 20-month high against USD
The ringgit has continued its upward trend against the USD this week. It has now appreciated further to RM4.29 against the USD on Tuesday, September 2024.
Expert insights are pointing to an expected US Federal Reserve rate cut announcement after their committee meeting which will take place this September 17 or 18. The rate cut forecast is driven by news of cooling US inflation trends.
Euro, Pound Sterling, Singapore Dollar gains
While the ringgit has rallied against the US dollar, it has weakened against other major currencies.
On a high level, the ringgit weakened to RM4.77 against the Euro, RM5.67 against the pound and fell to RM3.3 against the Singapore dollar. It also weakened against the Philippine peso and Thai baht.
