PETALING JAYA: Malaysia’s ringgit advanced to the strongest level in nine months against the dollar, buoyed by easing global trade tensions and broad weakness in the US currency.
The ringgit climbed as much as 0.7% to RM4.1805 per greenback, a level last seen in October.
The currency has rallied in recent weeks amid signs the global trade war is easing, boosting sentiment for the export-dependent economy.
Gains in the nation’s assets have been driven by signs that trade agreements with as many as a dozen of America’s largest trading partners are expected to be completed by the July 9 deadline.
A trade truce between the US and China, the top two destinations for Malaysian exports, has also lifted optimism.
Meanwhile, the dollar has fallen on bets of Federal Reserve interest rate cuts and concerns over the widening US fiscal deficit.