Malaysian Ringgit climbs 10 percent against USD
Malaysian Ringgit increased 10 percent against US dollar in 2017 amid improving oil prices and economic outlook, the Xinhua news agency of China reported.
Illustrative image (Source: VNA)Hanoi (VNA) - Malaysian Ringgit increased 10 percent against US dollar in 2017 amid improving oil prices and economic outlook, the Xinhua news agency of China reported.
According to Maybank Forex Research, the Ringgit strength will continue in the next few months.
Other positive domestic factors that support the Ringgit outlook include shifts in investor sentiment, strong Malaysian economic outlook, hawkish tilt in Malaysia's Central Bank rhetoric, and widening current account surplus against supporting external environment.
Phillip Mutual's chief strategist Phua Lee Kerk said the improving oil prices outlook will continue to outweigh other negative factors in supporting the Ringgit momentum this year.
It will not be surprising if the Ringgit climbed to 3.80 against USD in the first half of this year, he added.
Sharing the view, foreign exchange firm Oanda's Asia Pacific trading head Stephen Innes said the Ringgit momentum will be supported by four drivers: Malaysian Central Bank's rate normalisation, strong economy, direct benefits from the China-proposed Belt and Road Initiative and projected higher oil prices.-VNA
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