Ringgit Continues Recovery Steps, 2024 Be the Real Determinant!


 Today, the Malaysian Ringgit (RM) currency closed slightly higher against the US dollar yesterday amid positive sentiment regarding the expected cut in global interest rates next year. However, the value of the US dollar also remained firmly positioned as US consumer confidence rose to a five-month high in December.

At exactly 9am this morning, the ringgit rose to a level of RM4.6162 compared to the US dollar which closed yesterday at a value of RM4.6525.

According to the Chief Economist of Bank Muamalat Malaysia Bhd, Dr Mohd Afzanizam said the local currency experienced a narrow and stable movement at around RM4.65. It will also be stronger against other major currencies as global monetary policy is expected to change its stance next year.

Yesterday, after the ringgit managed to pass the support level of 4.6611. The currency is seen to find a difficult way to break lower below RM4.65. This shows that there is a sentiment of a shift in the monetary stance taking place in the global market.

Today, the United States is scheduled to release its core Personal Consumption Expenditure inflation report at 9.30pm Malaysian time.

Meanwhile, the ringgit is trading higher than some of the world's major currencies such as the British pound and the euro. However, the ringgit still opened weak against the Japanese yen.

In addition, the ringgit is also seen as somewhat mixed compared to other Asean currencies. It rose strongly against the Singapore dollar and the Indonesian rupiah. Meanwhile, the ringgit is slightly weaker against the Philippine peso and the Thai baht.