00:00The ringgit is now the world's best-performing currency against the US dollar, said Lloyd
00:06Chan, a senior analyst at MUFG Bank.
00:10Data from Bloomberg shows the ringgit appreciated 14.35% over the past three months, beating
00:17gold, which rose by 14.2% into second place.
00:22Chan attributed the recovery to Malaysia's economic growth and the US Federal Reserve's
00:28ongoing interest rate-easing cycle.
00:31Chan said the Thai baht also performed well, appreciating 13.79% against the US dollar
00:37due to the country's improved outlook for growth, the recovery of its tourism industry,
00:43and rising gold prices.
00:45Chan said the ringgit could potentially strengthen to a five-year record high of RM4 to the US
00:50dollar by year-end if market sentiments remain positive towards Asian currencies and subject
00:57to the US Federal Reserve Board slashing its interest rate by 50 basis points.
01:03On September 27th, BMI Country Risk and Industry Research, a unit of Fitch Solutions, revised
01:09the ringgit's end-2024 forecast to RM4 per US dollar, projecting further strengthening
01:16in 2025.
01:18Bank Muamalat Malaysia Berhad chief economist Afzal Nizam Abdul Rashid expects demand for
01:24the ringgit to remain robust.
01:26He's believed the ringgit may continue to rally, supported by narrowing interest rate
01:31differentials and Malaysia's improving trade performance.
01:37Natasha Buzd, FMT News.
Comments