Ringgit Ends Higher As Malaysia Concludes ASEAN Summit On High Note
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Oct 28 (Bernama) -- The ringgit closed higher against the US dollar on Tuesday, lifted by positive market sentiment as Malaysia concluded the ASEAN Summit on a strong note amid optimism over recent trade collaborations with the United States.
At 6 pm, the ringgit appreciated to 4.1935/1985 per US dollar from 4.2085/2135 at Monday’s close.
The bullish sentiment was supported by Prime Minister Datuk Seri Anwar Ibrahim’s comment during a press conference at the 47th ASEAN Summit and Related Summits that the signing of economic cooperation agreements between ASEAN countries and strategic partners underscores the bloc’s central role in strengthening regional cooperation.
He added that while cooperation with Washington remains important, Malaysia as ASEAN chair in 2025 would continue to deepen engagement with other markets to preserve regional peace and sustain economic growth.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the expectation for improved trade relations between the US and China has also lifted emerging market currencies including the ringgit.
“The local note breached the RM4.20 per US dollar level at RM4.1985 during the morning session today,” he told Bernama.
At the closing, the ringgit traded mostly higher against major currencies.
It gained against the British pound to 5.5845/5911 from 5.6158/6225, climbed versus the euro to 4.8884/8942 from 4.8974/9032, but slipped against the Japanese yen to 2.7605/7640 from 2.7550/7582.
The local note also trended mostly stronger against ASEAN currencies.
It inched up against the Singapore dollar to 3.2387/2431 from 3.2460/2502 at Monday's close, edged up vis-à-vis the Indonesian rupiah to 252.4/252.9 from 253.1/253.6 and strengthened versus the Philippine peso to 7.09/7.10 from 7.14/7.16 previously.
However, the ringgit weakened versus the Thai baht to 12.9214/9424 from 12.8633/8837 at Monday's close.
-- BERNAMA