Ringgit
2024 - 10 - 10Ringgit Takes the Gold Medal: Stronger Than Your Coffee!
Bank Negara - Currency Performance - Economy - Federal Reserve - Foreign Investment - MR DIY - Ringgit - Shopping - Singapore - USDGuess who's flexing? The Malaysian Ringgit has strengthened 14.4% against the USD – and it’s not just showing off at home!
KUALA LUMPUR: The Malaysian ringgit has dazzled the global financial stage by strengthening a whopping 14.4% against the US dollar during the third quarter of 2024! Competing against currencies from around the world, the ringgit is not just holding its ground; it’s practically doing somersaults. Investors and financial analysts have taken notice, crediting various economic factors for this impressive surge, including a robust influx of foreign investment from multinational giants like Microsoft and Google who can't seem to get enough of Malaysia’s cornucopia of investment opportunities.
As excitement brews, Bank Muamalat Malaysia's chief economist, Dr. Mohd Afzanizam Abdul Rashid, suggests keeping an eye on the upcoming US consumer price index data. Why? Because the decisions made by the US Federal Reserve could potentially influence the ringgit's outgoing performance. Meanwhile, the ringgit continues to close on a high note against the US dollar, even as market experts caution about a cautious investor sentiment that looms over the anticipated Fed minutes release.
Notably, MR DIY, a local darling in the retail sector, is sailing smoothly on this financial wave. The company has seen its market cap swell by RM7 billion year-to-date, as concerns about market saturation seem to be blown away with the fresh winds of ringgit strength. Additionally, the ringgit's robust performance against the yuan is expected to provide MR DIY with strong growth triggers, galvanizing its position in the market.
The synergy between the government and Bank Negara Malaysia has been pivotal in this upward momentum. With coordinated efforts to mobilize investments and encourage government-linked companies to adopt favorable monetary practices, the Malaysian economy is stirring with renewed enthusiasm.
Did you know that after the Asian Financial Crisis of the late 1990s, Malaysia implemented rigorous capital controls which included pegging the ringgit to the US dollar? This historic move stabilized the currency at the time and laid the groundwork for its eventual recovery. Furthermore, throughout this 14.4% gain in the past quarter, the ringgit has not only proven its might against the USD but has also carved a niche as one of the top-performing currencies globally – an achievement reminiscent of the glory days of Malaysia’s economic resilience!
Ringgit strengthens 14.4% vs USD in 3Q 2024; one of the best ... (The Sun Daily)
KUALA LUMPUR: The ringgit was one of the best-performing currencies globally in the third quarter of 2024 (3Q2024), strengthening 14.4% against the US...
Ringgit marginally higher vs US$ at the close (The Star Online)
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the next data point to look out for is the US consumer price index (CPI) tomorrow ...
Ringgit closes marginally higher ahead of US Fed minutes release (Free Malaysia Today)
Investors are expected to remain cautious as the Fed mulls on its monetary easing approach, says analyst.
The Enigma of Malaysian Ringgit - Tekedia (Tekedia)
Following the crisis, Malaysia implemented capital controls and pegged the Ringgit to the US dollar, which stabilized the currency for a while. However, the peg ...
Malaysian ringgit rides high on foreign investment wave, impacting ... (The Independent)
Large multinational companies like Microsoft, Google, ByteDance, Intel, and Amazon Web Services have made substantial financial commitments to the country.
Ringgit strengthens 14.4% vs US$ in 3Q24, one of the best ... (The Star Online)
KUALA LUMPUR: The ringgit was one of the best-performing currencies globally in the third quarter of this year (3Q2024), strengthening 14.4 per cent against ...
Ringgit strength against yuan a boon for MR DIY (The Star Online)
Concerns with MR DIY Group (M) Bhd centred around its increasing market saturation seem to have dissipated and there are a few catalysts to spur growth.
Joint effort behind ringgit rise: Bank Negara (New Straits Times Online)
KUALA LUMPUR: The government's and Bank Negara Malaysia's (BNM) coordinated efforts to encourage government-linked companies, investment firms, ...
MR DIY adds RM7 bil to market cap year-to-date as rally continues (The Edge Markets MY)
Shares in MR DIY Group (M) Bhd (KL:MRDIY) continued their rally on Wednesday, adding approximately RM7 billion to its market capitalisation year-to-date, ...
Ringgit opens 4.2875 to the US dollar on US cue for gradual rate cuts (New Straits Times Online)
KUALA LUMPUR: The ringgit opened lower against the US dollar as the minutes of the US Federal Reserve (Fed) meeting showed Fed officials were divided on ...
Ringgit slips against US dollar as Fed minutes hint at smaller rate cuts (Malay Mail)
At 8am, the local currency fell to 4.2875/3005 against the greenback, compared to Wednesday's close of 4.2800/2830. Bank Muamalat Malaysia Bhd chief economist ...
Ringgit opens lower as US signals gradual approach to cutting ... (New Straits Times Online)
KUALA LUMPUR: The ringgit opened lower against the US dollar as the minutes of the US Federal Reserve (Fed) meeting showed Fed officials were divided on ...
What does a stronger ringgit mean for Singapore and the region ... (The Business Times)
How will the Malaysian ringgit's surge affect cross-border shopping? As the ringgit strengthens, Singaporean tourists may face rising costs, ...
Ringgit opens lower as US signals gradual approach to cutting ... (The Star Online)
KUALA LUMPUR: The ringgit opened lower against the US dollar as the minutes of the US Federal Reserve (Fed) meeting showed Fed officials were divided on ...
Ringgit up 14.4% against US dollar in Q3, among top performers ... (The Sun Daily)
KUALA LUMPUR: The ringgit was one of the best-performing currencies globally in the third quarter of this year (Q3'24), strengthening 14.4% against th...
Ringgit opens lower as US signals gradual approach to cutting ... (The Sun Daily)
KUALA LUMPUR: The ringgit opened lower against the US dollar as the minutes of the US Federal Reserve (Fed) meeting showed Fed officials were divided ...
Ringgit one of the best performing currencies globally (The Star Online)
FMC added that the current arrangement could be sustained to ensure better liquidity in the onshore forex market. It also noted that investor confidence in ...
Ringgit Stabilises At 4.2933 Against US Dollar (BusinessToday)
Bursa Malaysia opened at 1639.75 points today, with the index gradually climbing, primarily driven by CIMB Group and IHH Healthcare Group.
Impact of strong ringgit yet to trickle down (asianews.network)
Bumiputra Retailers Association president Datuk Ameer Ali Mydin said it is difficult to expect lower prices during this period, adding that any possible price ...
Fomca: Check supply chain issues to keep prices low (The Star Online)
PETALING JAYA: There will be no immediate reduction in vegetable and poultry prices despite the recent strengthening of the Malaysian ringgit against the US ...
Ringgit retreats against us dollar ahead of US inflation data (The Star Online)
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the Federal Open Market Committee meeting minutes show that the Fed has shifted ...
Ringgit retreats ahead of US inflation data (Free Malaysia Today)
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the Federal Open Market Committee (FOMC) meeting minutes show that the Fed has shifted ...
Ringgit marginally higher vs US dollar at the close (Malay Mail)
At 6pm, the local note rose to 4.2800/2830 versus the greenback compared to yesterday's close of 4.2850/2895. Bank Muamalat Malaysia Bhd chief economist Dr Mohd ...
Ringgit retreats ahead of US inflation data (Daily Express)
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said the Federal Open Market Committee (FOMC) meeting minutes show that the Fed has shifted ...
COMMENT | Being rational about the ringgit (Malaysiakini)
COMMENT | Were Prime Minister Anwar Ibrahim and his Madani government responsible for turning the ringgit around? And were they responsible when the ringgit ...
Ringgit rises against US dollar in early trade on higher inflation print ... (The Malaysian Reserve)
The ringgit opened higher against the US dollar on Friday amid a higher-than-expected inflation print in the United States.
Ringgit rises against dollar on higher US inflation print (Free Malaysia Today)
The local note strengthens to 4.2820/4.2920 after US CPI exceeds expectations at 2.4%.
Ringgit Opens Higher Amid US Inflation Surge (BusinessToday)
The ringgit opened stronger against the US dollar on Friday, following a higher-than-expected inflation report from the United States.
Ringgit rises against US dollar in early trade on higher inflation print ... (The Sun Daily)
KUALA LUMPUR: The ringgit opened higher against the US dollar on Friday amid a higher-than-expected inflation print in the United States. At 8.04 am, ...
Ringgit rises against US dollar in early trade on higher inflation print ... (The Star Online)
KUALA LUMPUR: The ringgit opened higher against the US dollar on Friday amid a higher-than-expected inflation print in the United States.
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