KUALA LUMPUR: The ringgit jumped to a seven-year high to close at 3.9175 versus the US dollar today as improved risk sentiment and a softer greenback continued to support the local currency, which rose for the third consecutive day this week.
At 6.00 pm, the ringgit bounced to 3.9175/9235 versus the greenback from 3.9500/9555 at Tuesday’s close.
This was the strongest closing level since it hit 3.9150 in April 2018.
Compared to the same time last year, the ringgit has increased by 10.77 per cent.
Bank Muamalat Malaysia Bhd’s Chief Economist, Dr Mohd Afzanizam Abdul Rashid, said the ringgit’s rise has been underpinned by growing expectations that the US Federal Reserve may adopt a more accommodative policy stance following recent signs of economic moderation in the United States. – BERNAMA
