Highest in 16 months for the ringgit versus the US dollar!
With many positive news for the ringgit for the past few weeks, I would say I was expecting our ringgit to perform much better than the currency which belongs to the country with such a huge deficit (versus us with budget surpluses) and such a huge country debt. So, I think the market also agrees with me for now and our ringgit is now at 16 months high.
Article in nst.com.my The ringgit ended the day’s trading at about 4.41 against the US dollar, its best close in 16 months, as the US Federal Reserve was seen to be on track to cutting interest rates in September.
At 6pm, the ringgit surged to 4.4170/4235 versus the greenback from yesterday’s close of 4.4440/4505.
The local note’s highest closing level previously was 4.4160/4210 registered on April 11, 2023.
The ringgit equalled that level today when it hit its intraday high of 4.4160 at 9.24am. Do read here for more details: Article in nst.com.my
Stronger ringgit is good for many people
If we like to travel, I think it’s a better time today than few months ago. When we exchange money, we would now have more of the ‘other’ currency to spend in the other country. True for all other countries except Japan for which our ringgit has always been higher versus Yen.
Want to know where the ringgit is / was versus some other currencies over a longer period of time?
Article here: Oh dear, ringgit versus other currencies, up or down?
Plus, when we are buying imported fruits for example, it will be slightly cheaper. Of course, this also depends if there are competition between the different suppliers, else the seller may prefer to keep the same margin instead.
It’s always dependent on the US$ yeah
Do not get too carried away that this is all due to some government policies yeah. It MUST depend also on the US Federal Reserve’s actions and comments because they control the biggest reserve currency of the world. So, we should enjoy the current scenario and do what we love to do. Maybe the US$ will continue to be weak due to the economy uncertainty. Maybe it could suddenly rebound when the numbers turn positive.
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