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Ringgit firms ahead of BNM rate decision

NEWS

November 4, 2026 at 11:21 UTC

2 min read
Southeast Asian banknotes on a counter as forex markets await BNM OPR decision on the ringgit

Key Points

  • 01Ringgit closes at 4.0610/4.0660 per US dollar on Nov 4
  • 02Traders position ahead of Bank Negara Malaysia OPR decision on Nov 5
  • 03Market expects OPR to be maintained at 2.75 per cent
  • 04Ringgit strengthens against several Asean currencies

Ringgit strengthens ahead of BNM policy decision

The Malaysian ringgit closed higher against the US dollar on November 4, 2026, as markets positioned ahead of Bank Negara Malaysia’s Overnight Policy Rate decision scheduled for November 5. At 6pm, the local note rose to 4.0610/4.0660 against the greenback from the previous close of 4.0735/4.0775.

The policy backdrop remained a key focus for investors, with Bank Negara Malaysia’s Monetary Policy Committee holding its sixth and final meeting of 2026 on November 5. Research firms expect the central bank to keep the OPR at 2.75 per cent both at this meeting and throughout 2027.

Monetary outlook and inflation conditions

Expectations for an unchanged policy rate are underpinned by views of resilient economic growth and a manageable inflation environment. Headline inflation is projected to stay comfortably within Bank Negara Malaysia’s forecast range of 1.5 to 2.5 per cent in the near term, which supports the case for policy stability.

This inflation outlook, combined with steady domestic growth, has contributed to a constructive stance toward the ringgit among market participants. The currency’s latest move reflects both domestic fundamentals and external drivers influencing demand for emerging-market assets.

Impact of US politics and dollar moves

External factors also played a role in the ringgit’s performance. Democratic Party gains in the US Mid-Term Elections improved market sentiment toward Asian currencies as increased political gridlock in Washington is seen as reducing the likelihood of further US fiscal expansion, which could weigh on US Treasury yields and the US dollar.

The US Dollar Index (DXY) fell 0.46 per cent to 101.399 points, coinciding with improved risk appetite. Market participants noted that better sentiment following the election outcome may have supported demand for the ringgit, contributing to its firmer close against the greenback.

Performance against major and Asean currencies

The ringgit traded mixed against major currencies. It strengthened against the Japanese yen to 2.5636/5669 from 2.5762/5789 at the previous close. However, it eased slightly versus the euro to 4.5723/5779 from 4.5587/5631 and edged down against the British pound to 5.4783/4850 from 5.4658/4712.

Against its Asean peers, the ringgit recorded broader gains. It appreciated versus the Singapore dollar to 3.1771/1813 from 3.1807/1841 and rose against the Thai baht to 12.0673/0868 from 12.0696/0858. The ringgit also inched up against the Indonesian rupiah to 223.5/223.8 from 224.3/224.6, underscoring regional support for the currency ahead of the BNM decision.

Key Takeaways

  • 01The ringgit’s advance reflects a combination of domestic policy expectations and supportive global market conditions rather than a single catalyst.
  • 02Stable inflation within the 1.5 to 2.5 per cent range underpins expectations that Bank Negara Malaysia will keep the OPR at 2.75 per cent.
  • 03Broader strength against several Asean currencies suggests regional confidence in Malaysia’s macroeconomic outlook and the ringgit’s near-term prospects.

References

  1. https://www.malaymail.com/news/money/2026/11/04/ringgit-closes-higher-vs-us-dollar-ahead-of-bnm-opr-decision/241990
  2. https://www.freemalaysiatoday.com/category/business/2026/11/04/ringgit-closes-higher-ahead-of-bnm-s-opr-decision
Ringgit firms ahead of BNM rate decision | Trading Dashboard