KUALA LUMPUR, Jan 23 — The ringgit climbed to its strongest level in about five years on Friday, moving past the 4.000 mark against the US dollar.

According to a report in The Edge Malaysia, the ringgit was last seen trading at 3.9990, a level not recorded since January 2021, as demand for Malaysian government bonds rose.

Earlier today, the ringgit opened near a five-year high after Bank Negara Malaysia’s Monetary Policy Committee kept the Overnight Policy Rate unchanged at 2.75 per cent.

The local currency was trading at around 4.02 per US dollar at the start of trade, a level last seen in January 2021.

Analysts said policy stability and easing US dollar strength, alongside expectations that the US Federal Reserve would keep interest rates unchanged, supported the ringgit’s gains, according to a report in Bernama.