Ringgit Becomes the Second Strongest Currency in Asia, Below the Chinese Yuan

Disadur dari Malay Mail, Jumat, 24 April, ringgit berada di level 3,9620/9680 per dolar AS pada pukul 08.00. Posisi itu sedikit lebih kuat dibanding penutupan Kamis di 3,9630/9670.

The Malaysian Department of Statistics recorded Malaysia's total trade in March 2026 increased 9.3 percent year-on-year to RM273 billion. Exports grew 8.3 percent to RM148.8 billion, while imports rose 10.4 percent to RM124.2 billion.

However, Malaysia's trade surplus narrowed 0.9 percent to RM24.6 billion.

Head of Economics at Bank Muamalat Malaysia Bhd, Mohd Afzanizam Abdul Rashid, said the Malaysian economy was still quite strong. Initial estimates showed that the gross domestic product for the first quarter of 2026 grew above 5 percent.

Trade data also showed nominal exports grew 12.7 percent in the first quarter of 2026, higher than the 11 percent in the previous quarter.

"The Malaysian economy is in a strong position to face the challenges due to the oil shock because of the Iran war," Afzanizam told Bernama quoted by Malay Mail.

According to Afzanizam, foreign funds flowing into the capital market are also positive. This shows that the demand for the ringgit from foreign investors is still strong.

Afzanizam said the ringgit was one of the best performing currencies in Asia throughout 2026. Its position was second after the Chinese yuan.

At the start of trading, the ringgit strengthened against the British pound, euro and Japanese yen. The ringgit also rose against the Singapore dollar and the Thai baht.

Against the rupiah, the ringgit was stable at 229.2/229.6. Against the Philippine peso, the ringgit was also unchanged at 6.55/6.56.

The performance of the ringgit shows that Malaysia still has market confidence. However, the shrinking trade surplus remains a record because exports and imports both grow. In the midst of the Iran war and sensitive oil prices, the strength of the currency still needs to be tested from time to time.