Ringgit strengthens against US dollar, major currencies as fiscal worries weigh on greenback

AI Summary

The Malaysian ringgit strengthened against the US dollar and other major currencies, closing at 4.2285/2345 compared to 4.2705/2765. This surge is attributed to a weakened US dollar following concerns about US fiscal policy, particularly after the House approved a tax and spending bill. Moody's recent sovereign rating downgrade further fueled these concerns. The ringgit also appreciated against the British pound, euro, Japanese yen, and several ASEAN currencies including the Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah.