Malaysian ringgit projected to further weaken in H2
Economists have foreseen the Malaysian ringgit to remain under pressure against the US dollar in the second half amid aggressive interest rate hikes by the US Federal Reserve (Fed).
The Hong Leong Investment Bank said in its recent report that it expects the ringgit to have an overall depreciation trend in the last half with an average of 4.67 MYR/USD. (Photo: AFP/VNA)The Hong Leong Investment Bank said in its recent report that it expects the ringgit to have an overall depreciation trend in the last half with an average of 4.67 MYR/USD to reach a 2023 average of 4.56 MYR/USD.
In the third quarter, Hong Leong forecast the ringgit to continue its depreciation trend as a global tightening campaign continues in the US and advanced economies to stem inflationary pressures.
For the fourth quarter, it anticipated the ringgit to have a slight appreciation bias against the background of moderating inflation, cooling labour market and further clarity on the domestic political scene as Malaysia moves past the state elections.
The Malaysian ringgit fell 5.9% against the dollar in the first half./.
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