PETALING JAYA: The ringgit continued its uptrend at the close yesterday, rising by 250 basis points to a new high on the anticipation of an interest rate cut in the United States next month.
At 6pm, the ringgit advanced to 4.3470/3505 against the greenback from last Friday’s close of 4.3720/3775.
Earlier in the morning, the currency hit an almost 28-month high at 4.3515/3700 versus the greenback.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US dollar has been depreciating, weakened by prospects of lower rates in the United States.
“For now, it seems that the US/RM pair is heading towards the immediate support level of RM4.3000,” he told Bernama.
At the close, the ringgit was mostly higher against a basket of major currencies.
