The Malaysian ringgit has strengthened against the US dollar, buoyed by a more dovish-than-expected Federal Reserve meeting minutes that have kept interest rate cut expectations alive.

Stephen Innes, managing director at SPI Asset Management, attributed the dollar's weakness to the Fed's November 6-7 meeting minutes, which revealed that policymakers are cautiously considering interest rate changes, preferring a gradual approach to support economic growth while mitigating the risk of a sharp rise in unemployment.

"The dollar weakened following the minutes as the market took comfort in the idea that Trump's tariff threats were likely more of a strategic warning aimed at specific countries," Innes said, referring to the recent market turmoil caused by Donald Trump's tariff threats. "With US bond markets stabilizing, global investors have become more reassured."

As of 6 PM, the ringgit was trading at 4.4440/4.4465 against the US dollar, up from the previous close of 4.4560/4.4600.

The ringgit also strengthened against most major currencies. It appreciated against the British pound from 5.5962/5.6044 to 5.6021/5.6071 and against the euro from 4.6691/4.6759 to 4.6824/4.6866. However, it weakened against the Japanese yen from 2.9311/2.9356 to 2.8952/2.8980.

The ringgit also strengthened against most ASEAN currencies. It appreciated against the Singapore dollar from 3.3055/3.3106 to 3.3066/3.3098, against the Thai baht from 12.8342/12.8597 to 12.8393/12.8564, and against the Indonesian rupiah from 278.6/279.1 to 279.6/280. However, it weakened against the Philippine peso from 7.56/7.57 to 7.55/7.56.

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