USD/MYR: Ringgit expected to appreciate roughly 4% in 2024 – MUFG
|The Malaysian Ringgit tracked regional currency losses last month amid the strength of the US Dollar. Economists at MUFG Bank analyze USD/MYR outlook.
Ringgit to remain largely range-bound in near term
We expect Ringgit to remain largely range-bound in near term.
Although a positive correlation with CNY could lend some support to Ringgit, this is unlikely to reverse the depreciation pressure coming from a strong Dollar and high US bond rates.
We expect a roughly 4% appreciation of Ringgit against the Dollar in 2024, due to reliance in economic activity, improving chips exports, and a weaker USD in medium term.
USD/MYR – Q4 2023 4.65 Q1 2024 4.60 Q2 2024 4.55 Q3 2024 4.50
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.