Prime Minister Datuk Seri Anwar Ibrahim arrives in Parliament to table Budget 2024 in Kuala Lumpur October 13, 2023. He will table Budget 2025 this Friday. — Picture by Firdaus LatifKUALA LUMPUR, Oct 16 — The ringgit appreciated against the US dollar and other major currencies at the close today, driven by positive sentiment ahead of the tabling of the national Budget this Friday, said SPI Asset Management managing director Stephen Innes.
Innes said that market sentiment has skewed towards the positive side in the midweek trading session, with the Budget announcement later this week anticipated to be fiscally responsible, contributing to the ringgit’s recovery. “This shift signals a bullish outlook for the ringgit, as market participants also appear to believe that the hawkish stance from the Federal Reserve, driven by strong US economic data, may have reached its peak,” he told Bernama.