Malaysia's ringgit expected to stabilize against US dollar from Q4 2023
The ringgit should start to strengthen against the US dollar from the second quarter of next year onwards and settle at the 4.40 level in the fourth quarter of 2023, Malaysian news agency Bernama reported, citing a note released by AmBank Research.
Kuala Lumpur (VNA) – The ringgitshould start to strengthen against the US dollar from the second quarter ofnext year onwards and settle at the 4.40 level in the fourth quarter of 2023, Malaysian news agency Bernama reported, citing a note released by AmBank Research.
The local currency saw its weakestvaluation against the US dollar on March 31, 1998, at 4.88 RM/USD, and theringgit is expected to weaken further in the first quarter of 2023 to 4.8 againstthe dollar, the research house said.
AmBank Research also forecast the interestrate differential between Malaysia and the United States would narrow in thesecond half of 2023.
The positive impacts of the 12th Malaysia Plan, foreign direct investment, domestic direct investment, domestic activities, exports and better management of inflation and Budget 2023 should provide the necessary comfort for the economy to expand around 4.5% in2023, it said.
Expectations are for Bank Negara Malaysia toraise another 25 basis points in November 2022 and another 25 basis points inJanuary 2023, it said, adding that this will bring the policy rate backto the pre-COVID-19 level of 3%.
Despite a strong full-year GDP forecast ofaround 7.5% to 8%, AmBank said the ringgit is poised to stay weak due to thedollar play./.
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Illustrative image (Source: Reuters) 
