Kuala lumpur: The ringgit closed higher against the US dollar and other major currencies today, supported by improved sentiment towards Asian currencies ahead of the high-stakes meeting between United States President Donald Trump and Chinese President Xi Jinping this week. At 6 pm, the ringgit appreciated to 3.9285/9325 against the greenback from 3.9320/9360 at Tuesday's close.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid noted that Asian currencies were seen strengthening against the US dollar as markets anticipated the meeting, scheduled for May 14-15, 2026. "The market appears to be hoping for a positive outcome from the meeting, especially on issues surrounding the war in Iran and the Strait of Hormuz," he stated.

However, Mohd Afzanizam cautioned that the situation remained fluid, and market sentiment could easily shift towards risk aversion. Additionally, Malaysia's first quarter (1Q) gross domestic product (GDP) will be announced on Friday, with the Statistics Department Malaysia projecting the Malaysian economy to grow by 5.3 per cent in 1Q 2026.

At the close, the ringgit showed gains against a basket of major currencies. It appreciated against the Japanese yen to 2.4888/4916 from 2.4952/4979, strengthened versus the British pound to 5.3105/3160 from 5.3231/3286, and gained against the euro to 4.5987/6034 from 4.6189/6236 at Tuesday's close.

The local currency traded mostly lower against regional peers. It gained against the Singapore dollar to 3.0872/0906 from 3.0888/0922, but fell against the Indonesian rupiah to 224.7/225.1 from 224.3/224.6, decreased against the Philippine peso to 6.40/6.41 from 6.39/6.41, and decreased against the Thai baht to 12.1419/1599 from 12.1276/1455 previously.