Malaysia’s Currency Shines with Longest Winning Streak Since 2010, Reflecting Positive Economic Momentum

The Malaysian ringgit has reached its longest winning streak in 14 years, boosted by rising optimism about the country’s economic outlook and a surge in foreign fund inflows. On Friday, August 2, the currency rose by 1.6% against the US dollar, marking its 10th consecutive day of gains, its best run since 2010.

This positive performance follows three years of losses, as the Malaysian government has implemented policies aimed at attracting foreign investments, including gradually rolling back subsidies to reduce the budget deficit. As a result, global investors have poured $112 million into Malaysia’s local stock market this year.

The country’s economic recovery is also gaining momentum, with a stronger-than-expected GDP growth in the second quarter, driven by improved exports. Malaysia is on track to achieve growth projections of 4-5% for 2024, and the ringgit’s upward trajectory is expected to continue.

At 4.4970 per US dollar, the ringgit has reached its highest level in a year, with analysts predicting that its performance will remain strong, bolstered by fiscal reforms, robust growth, and rising foreign investor interest.