Malaysian ringgit climbs against the dollar and major currencies

The Malaysian ringgit appreciated early Tuesday, trading at 4.0840/4.0905 against the US dollar, up from the prior close of 4.0855/4.0895. Afzanizam Rashid, chief economist at Bank Muamalat Malaysia, said the move reflects market focus on recent diplomatic engagements in Iran, where officials from Saudi Arabia, Pakistan and Turkiye convened. He added that the currency’s performance coincides with the start of the US Federal Open Market Committee’s two-day meeting, a key driver of global risk sentiment.

Over the past month, the ringgit has hovered between RM4.07 and RM4.09 per dollar, buoyed by resilient economic fundamentals that continue to attract investors. The note also rose against the yen, pound, euro and several ASEAN currencies, though it slipped slightly versus the Thai baht and held steady against the Philippine peso. Attention now turns to Bank Negara Malaysia’s Monetary Policy Committee meeting slated for Nov 5, where discussions on normalising the overnight policy rate are expected.