KUALA LUMPUR, Oct 28 — The ringgit rebounded to close higher against the US dollar today amid confidence in Malaysia’s economic fundamentals, supported by optimism over artificial intelligence (AI)-related investments and expectations of sustained domestic growth, an analyst said.
At 6 pm, the ringgit rose to 4.0745/0790 against the US dollar from yesterday’s close of 4.0865/0900.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that while the US dollar remains firm ahead of the US Federal Reserve’s monetary policy decision, the ringgit’s resilience suggests that domestic fundamentals may be providing an important buffer against external uncertainties.
“Looking ahead, expectations surrounding the possible normalisation of the overnight policy rate (OPR) could lend further support to the local currency, although the near-term direction will remain sensitive to developments in US monetary policy and geopolitical risks,” he told Bernama.
