# BNM: The ringgit's trend is driven by US rate cuts, with local factors supporting its strength

> Bank Negara Malaysia said the ringgit's 2024 gains were driven mainly by Fed rate cuts, with the currency up 14.4% against the dollar in the third quarter. The central bank cited government-linked FX repatriation efforts that have supported onshore liquidity.

- Date: 2024-10-09 · published 2024-10-09T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/28141-bnm-the-ringgit-s-trend-is-driven-by-us-rate-cuts-with-local-factors-supporting
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

The ringgit's strength reduces the ringgit cost of dollar-priced palm oil imports and reflects shifting rate expectations that influence the US dollar's broader direction.

## Read by commodity

- USDMYR: neutral

## Sources

- nst.com.my: https://www.nst.com.my/business/economy/2024/10/1117058/bnm-ringgits-trend-driven-us-rate-cuts-local-factors-supporting-its

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.