Ringgit set for biggest monthly decline since 2015

Free Malaysia Today

The local note is down more than 6% against the dollar as investors scale back on risk assets.   Read More: https://www.freemalaysiatoday.com/category/highlight/2024/10/30/ringgit-set-for-biggest-monthly-decline-since-2015/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #Ringgit #Currency

Transcript

00:00The Ringgit is on course for its worst month in over nine years, down more than 6% against

00:06the U.S. dollar in October, with a current rate of 4.39 per dollar.

00:12The decline is largely due to a strengthened dollar impacting Asian currencies, as investors

00:16shy away from risky assets amid the U.S. election uncertainty, Bloomberg reported.

00:22The Ringgit's recent 14% appreciation last quarter, which made it Asia's best performer,

00:28has led to room for a correction, according to Overseas Chinese Banking Corp.

00:33OCBC currency strategist Christopher Wong said the Ringgit's high sensitivity to the

00:37yuan and yen has made it more vulnerable than other regional currencies.

00:42Only the Japanese yen has fared worse this month, dropping 6.3% against the dollar, while

00:47China's offshore yuan has lost around 2%.

00:51The U.S. election results could influence the Ringgit's path, with analysts at OCBC

00:55and MUFG Bank suggesting it may strengthen if Kamala Harris wins, as it would reduce

01:00tariff risks for Asian economies.

01:03MUFG forecasts the Ringgit to reach 4.12 per dollar by year-end, while OCBC predicts it

01:09will strengthen to 4.22.

01:12Donnish from Tereza, FMT News.

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