Ringgit Strengthens Against The American Dollar And Other Major Currencies
This positive movement reflects improving market sentiment and confidence in Malaysia's economic outlook.
By Syazwan Bahri — 06 May 2025, 01:35 PM
The Malaysian currency is seeing considerable gains against the US dollar
According to Bernama, the ringgit opened stronger against the US dollar, continuing its upward trend. Analysts attribute this positive momentum to sustained investor confidence and favourable sentiment surrounding the local currency.
At the opening of trading today, Tuesday, 6 May, the ringgit strengthened to 4.1835/4.2035 against the US dollar. This represents an improvement from Monday's close of 4.1990/4.2035 against the greenback.
An analyst shared his insights on the strengthening of the ringgit
Bank Muamalat Malaysia Bhd's chief economist, Dr Mohd Afzanizam Abdul Rashid, noted that speculation is mounting over potential trade deals, driven by expectations that the recent US tariff hikes could undermine the country's economic growth.
Speaking to Bernama, he said that the ringgit is expected to remain strong against the US dollar today.
Another piece of good news for the ringgit is that it strengthened against other major currencies
The ringgit appreciated against the Japanese yen, moving from 2.9192/2.9225 at Monday's close to 2.9111/2.9252. Against the euro, the ringgit rose to 4.7320/4.7546 from the previous 4.7629/4.7680. It also gained ground against the British pound, reaching 5.5595/5.5860 compared to Monday's 5.5868/5.5928.
The ringgit also performed well against its Southeast Asian counterparts. It strengthened against the Singapore dollar, trading at 3.2410/3.2573, up from 3.2644/3.2682. The ringgit also gained against the Thai baht, moving from 12.7497/12.7747 to 12.6942/12.7692.
Similarly, the local currency improved against the Philippine peso, trading at 7.50/7.54 compared to Monday's 7.53/7.54, and appreciated against the Indonesian rupiah, moving from 255.1/255.5 to 254.1/255.5.
