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Ringgit up 6% against Singdollar, poised to sustain rally
The Straits Times
|September 24, 2024
The Malaysian ringgit is poised to extend its rally after what is likely to be its best quarter since 1973, if the outlook for interest rates is any guide.
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The ringgit has risen more than 12 per cent against the US dollar so far in this quarter, making it the best-performing emerging market currency. Against the Singapore dollar, the ringgit is up 6 per cent from 3.4762 per Singdollar on June 28 to 3.2584 on Sept 20.
Narrowing rate differentials with the US, improving trade performance and attractive asset valuations may help the ringgit strengthen further, analysts said.
Robust economic growth and a potential pickup in consumer prices if the government proceeds to remove some fuel subsidies may keep Bank Negara Malaysia on hold into 2025 even as other central banks lower borrowing costs.
Foreign investor flows and conversion of foreign currency deposits will also support the ringgit.
Denne historien er fra September 24, 2024-utgaven av The Straits Times.
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