Ringgit on upward trend reaches 4.37 against the US dollar

The ringgit continued its upward trend, reaching 4.37 against the US dollar by Tuesday’s close as the greenback remained weak ahead of the US Federal Reserve chairman’s speech at the Jackson Hole Symposium later this week. At 6 pm, the ringgit was valued at 4.3780/3850 against the US dollar, up from 4.3805/3850 on Monday.

The ringgit briefly appreciated to RM4.3635 in early trading but later adjusted to around RM4.3748. Despite this slight dip, it remains at its strongest level since February 2023. The resistance level is currently at RM4.3000, with potential for further appreciation if momentum continues.

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Ringgit mostly lower

Market focus is on the upcoming Jackson Hole Symposium, where Fed Chairman Jerome Powell is expected to provide insights into future monetary policy. The probability of a rate cut at the September Federal Open Market Committee (FOMC) meeting has increased, with a nearly certain 25 basis point cut anticipated.

Against other major currencies, the ringgit traded mostly lower. It strengthened slightly against the Japanese yen to 2.9917/9967 from 2.9946/9979. Conversely, it weakened against the euro, falling to 4.8491/8568 from 4.8339/8388, and against the British pound, slipping to 5.6927/7018 from 5.6784/6843.