SINGAPORE, March 18 — The ringgit rose to its strongest level in five years against the Singapore dollar today, supported by higher energy prices and growing optimism over artificial intelligence (AI).
The ringgit strengthened 0.2 per cent to 3.0615 versus the Singapore dollar today, marking its highest level since March 2021, Bloomberg reported.
Citing Goldman Sachs Group Inc strategist Danny Suwanapruti, it said the ringgit should be one of the best-performing currencies in Asia this year.
“Given the disruption in the Strait of Hormuz, and likely higher liquid natural gas prices, we believe Malaysia is best positioned in the region to weather a global energy shock.
“We remain bullish on the ringgit and maintain our short Singapore dollar-ringgit trade recommendation,” read the report.
At 3.16pm, the ringgit stood at 3.0633/0663 against the Singapore dollar, compared with 3.0635/0673 at yesterday’s close.
