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/
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Read More: https://www.freemalaysiatoday.com/category/highlight/2024/10/30/ringgit-set-for-biggest-monthly-decline-since-2015/
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NewsTranscript
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.