KUALA LUMPUR (Oct 9): The ringgit was one of the best-performing currencies globally in the third quarter of this year (3Q2024), strengthening 14.4 per cent against the US dollar and 11.4 per cent on a year-to-date basis, said Bank Negara Malaysia’s (BNM) Financial Markets Committee (FMC).

The local currency’s performance was primarily driven by the United States Federal Reserves’ 50 basis points policy rate cut and greater clarity on the trajectory for further reductions, the FMC said in a summary of its Oct 1 meeting released today.