Ringgit rally driven by domestic strength and Fed cut bets, say analysts
The currency hits a 13-month high against the greenback, year-to-date peak versus Singdollar
The Malaysian ringgit has rallied about 7 per cent in the year to date against the US dollar, broken a 13-month high, and outperformed all other Asian currencies this year.
The currency breached the 4.16 level against the greenback on Tuesday (Nov 11), hitting 4.159 as at 8.59 am, in a continuation of the strong rally it has had since last week.
This outperformance is not just against the American currency; the ringgit has also posted significant gains against the Singapore dollar. SGD/MYR stood at 3.1913 as at 9.05 am on Tuesday, the strongest the ringgit has been against the Singdollar in the year to date.
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