Ringgit Posts Longest Rally in 14 Years, Reaches 4.49 Against USD
The Ringgit has recorded its longest rally in 14 years, achieving a 10-day winning streak against the US dollar. According to Bloomberg, the Ringgit opened at 4.5685 against the USD on Friday and quickly turned positive, reaching 4.4880. By 6 PM, it stood at 4.4945. The Ringgit also strengthened against the Singapore dollar, reaching 3.3724. Bank Muamalat’s chief economist Dr. Mohamad Afzanizam Abdul Rashid pointed to increasing expectations of a Fed rate cut and weakening US economic indicators as key factors. While short-term corrections may occur, the Ringgit’s long-term appreciation potential remains significant.