Ringgit Firms to 3.1775 Against Singapore Dollar

The ringgit strengthened against the Singapore dollar for a third consecutive session on Wednesday, closing at 3.1775/1813 from 3.1883/1913 at Tuesday’s close, Bernama reported.

The local note also rebounded against the US dollar, rising to 4.0745/0790 at 6 pm from 4.0865/0900 on Tuesday, amid confidence in Malaysia’s economic fundamentals, optimism over artificial intelligence-related investments and expectations of sustained domestic growth.

Ringgit vs Singapore Dollar This Week

Bernama’s closing data show the ringgit has firmed against the Singapore dollar in each session this week. On Monday, it strengthened to 3.1920/1954 from 3.1952/1986 at the previous Friday’s close. On Tuesday, it rose to 3.1883/1913, before gaining further to 3.1775/1813 on Wednesday.

The ringgit stood at 3.1886/1920 against the Singapore dollar on Oct 19 and at 3.2091/2125 on Sept 11, according to earlier Bernama closing reports.

Analyst View on the Ringgit

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that while the US dollar remained firm ahead of the US Federal Reserve’s policy decision, the ringgit’s resilience suggested domestic fundamentals may be providing an important buffer against external uncertainties.

He said expectations surrounding a possible normalisation of the overnight policy rate (OPR) could lend further support to the ringgit, although its near-term direction would remain sensitive to US monetary policy and geopolitical risks.

Ringgit Against Other Currencies

Against major currencies, the ringgit strengthened against the British pound to 5.4130/4190 from 5.4412/4458, gained against the Japanese yen to 2.5812/5843 from 2.5903/5927 and rose against the euro to 4.5337/5387 from 4.5524/5563.

Among ASEAN peers, the local note rose against the Indonesian rupiah to 224.0/224.4 from 225.0/225.3 and gained against the Thai baht to 12.0726/0902 from 12.1010/1160, but was unchanged against the Philippine peso at 6.36/6.37.

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