Ringgit Continues To Climb Against Greenback Ahead Of US NFP Data
By Durratul Ain Ahmad Fuad
KUALA LUMPUR, Dec 16 (Bernama) -- The ringgit continued its upward momentum on Tuesday, closing against the greenback at the 4.08 level ahead of the release of US nonfarm payrolls (NFP) data later tonight.
At 6 pm, the ringgit bounced to 4.0835/0875 against the greenback, from 4.0930/0980 at yesterday’s close.
Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, told Bernama that the NFP data tonight could provide a clearer direction on the US monetary policy outlook. “Should the NFP turn out to be lower, it will raise the odds for more (US) rate cuts in 2026,” he said.
The ringgit jumped to the 4.08 level against the US dollar at Tuesday’s opening, marking its strongest performance in nearly five years.
Domestically, Mohd Afzanizam said the latest cabinet reshuffle by Prime Minister Datuk Seri Anwar Ibrahim should be viewed positively for the economy. “This (latest cabinet reshuffle) will ensure policy continuity and consistency following a number of ministerial vacancies that has occurred for a number of months,” he added.
Anwar announced today the appointments of new ministers and changes to several portfolios in the MADANI Government cabinet, involving 11 portfolios.
Among those appointed were Akmal Nasrullah Mohd Nasir as Minister of Economy, previously Deputy Minister of Energy Transition and Water Transformation, and Datuk Seri Arthur Joseph Kurop as Minister of Natural Resources and Environmental Sustainability, formerly Deputy Minister of Agriculture and Food Security.
In addition, Datuk Seri Dr Noraini Ahmad has been promoted from the post of Deputy Minister of Women, Family and Community Development to Minister of Plantations and Commodities, taking over from Datuk Seri Johari Abdul Ghani, who is now Minister of Investment, Trade and Industry.
Also elevated was Datuk Seri R. Ramanan, who left his post as Deputy Minister of Entrepreneur and Cooperatives Development to take over as the Minister of Human Resources. He replaces Steven Sim, who has been made Minister of Entrepreneur and Cooperatives Development.
At the close, the ringgit traded higher against a basket of major currencies.
It gained against the British pound to 5.4760/4813 from 5.4793/4860 at yesterday’s close, rose against the Japanese yen to 2.6372/6400 from 2.6410/6444, and edged up against the euro to 4.8014/8061 from 4.8064/8123.
The local currency traded mainly higher against ASEAN peers.
It gained against the Singapore dollar to 3.1657/1691 from 3.1746/1787, strengthened versus the Thai baht to 12.9532/9721 from 13.0201/0422, and edged against the Indonesian rupiah to 244.6/245.0 from 245.5/245.9. However, it dropped against the Philippine peso to 6.95/6.96 from 6.93/6.94 previously.
-- BERNAMA
