Bank Negara: Ringgit strengthened against most trading partners between July and Sept

KUALA LUMPUR, Nov 14 — The ringgit appreciated against currencies of most trading partners by the third quarter this year, as global trade tension eased slightly and domestic reforms boosts foreign investors’ confidence, Bank Negara Malaysia said today.

The ringgit appreciated by 8.2 per cent against the US dollar year-to-date as of November 12 even as quarterly gain was marginal, the Bank’s data showed. 

This was the biggest appreciation against currencies from so-called rich economies. 

The ringgit gained the second most against the Korean won, followed by the Japanese yen at 7.8 per cent and 6.8 per cent YTD respectively. 

With the Singaporean dollar, the local currency edged 3.6 per cent higher up until November.

The ringgit nominal effective exchange rate gained 5.3 per cent within the same period. 

The NEER measures the ringgit’s performance against a basket of currencies of Malaysia’s major trading partners.