Ringgit Reaches 14-Year High, Posts 10-Day Winning Streak Against USD

The Ringgit has marked its longest rally in 14 years, achieving a 10-day winning streak against the US dollar. According to Bloomberg, the Ringgit opened at 4.5685 against the USD on Friday and quickly turned positive, reaching 4.4880. By 6 PM, it stood at 4.4945. The Ringgit also strengthened against the Singapore dollar, reaching 3.3724. Bank Muamalat’s chief economist Dr. Mohamad Afzanizam Abdul Rashid noted that the likelihood of a Fed rate cut is increasing. With the US ISM manufacturing index falling and unemployment claims rising, the Ringgit is expected to benefit from narrowing interest rate differentials. Despite potential short-term corrections, the Ringgit’s long-term appreciation potential remains strong.