Ringgit strengthens to 4.2410 against US dollar, highest since February 2023
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The ringgit rose to 4.2410/2460 against the US dollar on September 18, 2024, marking its highest close since February 2, 2023; it improved from the previous day's close of 4.2535/2645; Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid anticipates a 50 basis point cut in the Fed Fund Rate (FFR) that evening; the Overnight Policy Rate (OPR) is currently at 2.50 percent; the ringgit's strength is attributed to expectations of US rate cuts making ringgit-denominated assets attractive; the Bank of Indonesia cut its benchmark interest rate by 25 basis points to 6.00 percent; the ringgit also appreciated against other major currencies including the British pound, Japanese yen, euro, Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.

#Ringgit #UsDollar #BankNegara #InterestRates #Economy #Malaysia #CurrencyExchange #ForeignInvestment #MohdAfzanizamAbdulRashid #BankIndonesia

https://www.nst.com.my/business/economy/2024/09/1107395/ringgit-strengthens-42410-against-us-dollar-highest-february-2023 

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