The Malaysian ringgit, Asia’s best-performing currency this year, is nearing a four-year high as strengthening economic momentum and easing global trade tensions drive offshore investors to local debt.
Analysts expect the ringgit to strengthen past 4.1 per dollar, potentially hitting the highest level since May 2021, as the central bank holds rates steady and the economy gains traction, according to BNY and Malayan Banking Bhd. Foreign investors have purchased nearly $4 billion in Malaysian bonds this year, according to Bloomberg-compiled data, helping anchor the currency.