The ringgit strengthened to 4.67 for 6 consecutive days against the US dollar

The latest US inflation data has slowed, increasing hopes that the Federal Reserve will cut interest rates, and encouraged the Malaysian ringgit exchange rate to continue to strengthen. Earlier this day, it climbed to a two-month high of RM4.67 against 1 US dollar.

This is also the 6th day in a row that the ringgit has strengthened.

According to data, foreign investors bought Malaysian stocks for 63.8 million US dollars (about RM298 million) yesterday (15th).

Dr. Mohd Avjani Zhanjia, chief economist at Muamalat Bank of Malaysia, said that the ringgit exchange rate may hover between 4.67 and 4.68.

He said that since the US inflation rate is expected to fall, the ringgit is likely to perform well today.

“Since there are few opportunities to raise interest rates and US inflation is progressing well, this is beneficial to the foreign exchange market.”