At 6pm, the local note improved to 4.2945/2995 versus the greenback from Tuesday’s close of 4.3080/3120.
KUALA LUMPUR: The ringgit appreciated against the US dollar and other major currencies, driven by positive sentiment ahead of the tabling of Budget 2025 tomorrow, says SPI Asset Management managing director Stephen Innes.
At 6pm, the local note improved to 4.2945/2995 versus the greenback from Tuesday’s close of 4.3080/3120.
Innes said market sentiment has skewed towards the positive side in the mid-week trading session, with the budget announcement anticipated to be fiscally responsible, contributing to the ringgit’s recovery.
“The ringgit showed notable strength, reflecting its sensitivity to the US 10-year Treasury yields, which have retreated to around 4.02% after peaking at 4.10% earlier. This shift signals a bullish outlook for the ringgit, as market participants also appear to believe that the hawkish stance from the Federal Reserve, driven by strong US economic data, may have reached its peak,” he told Bernama.
