Malaysian Ringgit Gains as S&P Reaffirms Credit Rating

The Malaysian ringgit closed marginally higher against the US dollar and a basket of major and Asean currencies on September 29, 2026. The currency opened the day at 4.0800/4.0865 and ended at 4.0790/4.0850 against the greenback, showing strength against the euro, British pound, Japanese yen, Singapore dollar, Indonesian rupiah, and Thai baht.

Performance was supported by S&P Global Ratings reaffirming Malaysia's 'A-' sovereign credit rating with a stable outlook. The agency cited economic resilience, diversification, and gradual fiscal consolidation as key factors for the rating.

Despite these gains, the ringgit faced headwinds from rising US Treasury yields and expectations that the Federal Reserve System would implement further interest rate hikes to combat inflation. Market analysts also noted volatility driven by Brent crude oil prices remaining above US$106 per barrel due to a US-Iran standoff, which increased the attractiveness of US dollar assets and limited demand for emerging-market currencies.