KUALA LUMPUR, October 28, 2026 — The Malaysian ringgit opened higher against the US dollar for the eighth consecutive trading day, extending its recent positive run.
At 8am, the ringgit traded at 4.0855/4.0915 against the US dollar. This was slightly stronger than Tuesday’s closing rate of 4.0865/4.0900.
AI Optimism Supports the Ringgit
Bank Muamalat Malaysia chief economist Mohd Afzanizam Abdul Rashid said optimism surrounding artificial intelligence (AI) continued to support global equity markets. This positive sentiment also provided support for the Malaysian currency.
Investors have been focusing on AI-related opportunities in global markets. This has helped maintain a positive tone in financial markets.
US Interest Rates Remain in Focus
The US Federal Reserve is expected to keep its federal funds rate within the 3.75% to 4.00% range.
Against this backdrop, traders are expected to monitor global developments before making their next moves. The ringgit may therefore continue to trade within a narrow range.
Afzanizam expects the local currency to trade between RM4.07 and RM4.08 against the US dollar during the day.
Ringgit Gains Against Major Currencies
The ringgit also strengthened against several major currencies.
It rose to 5.4362/5.4441 against the British pound, compared with Tuesday’s close of 5.4412/5.4458. Against the Japanese yen, it improved to 2.5858/2.5897 from 2.5903/2.5927.
The local currency also gained against the euro, trading at 4.5459/4.5526 compared with 4.5524/4.5563 previously.
Mixed Performance Against ASEAN Currencies
The ringgit recorded a mixed performance against regional currencies.
It edged higher against the Singapore dollar to 3.1881/3.1932 and strengthened against the Thai baht to 12.0884/12.1115.
However, it remained almost unchanged against the Indonesian rupiah and Philippine peso.
Market participants are expected to continue watching global financial developments for further direction.
Source: Astro AWANI | Rewritten By Minutesmy
Picture Credit: AWANI
