Forex
Ringgit Strengthens Ahead of State Election
The Malaysian ringgit has opened higher against the US dollar on Monday due to positive domestic sentiment ahead of the Negeri Sembilan state election. The local currency strengthened to 4.0830/0930 against the greenback from 4.0885/0935 at Friday's close.
According to Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, market participants will be watching whether the Negeri Sembilan state election influences national politics.
The Negeri Sembilan state election is scheduled for August 1, with early voting taking place on July 28. This development has contributed to a positive sentiment in the local currency.