Ankara: 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 yesterdays close.
According to BERNAMA News Agency, Bank Muamalat Malaysia Bhds chief economist, Dr. Mohd Afzanizam Abdul Rashid, stated that the NFP data tonight could provide a clearer direction on the US monetary policy outlook. He mentioned that if the NFP figures turn out to be lower, it could increase the likelihood of more US rate cuts in 2026.
The ringgit jumped to the 4.08 level against the US dollar at Tuesdays opening, marking its strongest performance in nearly five years. Domestically, Mohd Afzanizam observed that the latest cabinet reshuffle by Prime Minister Datuk Seri Anwar Ibrahim should be viewed positively for the economy. He noted that the reshuffle would ensure policy continuity and consistency following several ministerial vacancies over the past months.
Prime Minister 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, formerly Deputy Minister of Energy Transition and Water Transformation, and Datuk Seri Arthur Joseph Kurop as Minister of Natural Resources and Environmental Sustainability, previously Deputy Minister of Agriculture and Food Security.
Additionally, Datuk Seri Dr Noraini Ahmad has been promoted from Deputy Minister of Women, Family and Community Development to Minister of Plantations and Commodities, succeeding Datuk Seri Johari Abdul Ghani, who is now Minister of Investment, Trade and Industry. Datuk Seri R. Ramanan was also elevated, moving from his role as Deputy Minister of Entrepreneur and Cooperatives Development to become the Minister of Human Resources, replacing Steven Sim, who has been appointed 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 yesterdays 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 also 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.