Ringgit hits 18-month high

KUALA LUMPUR: The ringgit reached an 18-month high yesterday, driven by concerns of a potential recession in the United States, says an analyst.

At 6pm, the ringgit strengthened to 4.3805/3580 against the US dollar, marking its best performance since Feb 14, 2023. Last Friday, the ringgit closed at 4.4295/4350 against the greenback.

Bank Muamalat (M) Bhd’s chief economist Dr Mohd Afzanizam Abdul Rashid noted that the ringgit continues to display resilience, performing well against the US dollar.He said the US dollar/ringgit exchange rate broke its support level of RM4.4005 yesterday morning, positioning the ringgit as one of the best-performing currencies in the Asian region. — Bernama