The ringgit’s performance against the greenback is set to end 2019 on a rather flattish note. The good news is, market pundits predict a better year for the Malaysian currency in 2020. Read more:
The ringgit was traded at RM4.1070 per US dollar yesterday, well below the year-to-date peak of RM4.2203 on Sept 3.
Year-to-date until Dec 30, the ringgit has marginally appreciated against the greenback by 0.65%, in comparison to the disappointing 2.84% decline in 2018. The ringgit has shown strength in recent weeks, as a result of the positive development seen in the US-China trade talks and uptrend in commodity prices such as Brent grade crude oil and crude palm oil .
“FTSE Russell’s pending decision on Malaysian bonds, however, continues to act as a dampener on the ringgit, as it adds another layer of uncertainty for investors to contend with, while net outflows of foreign funds from the domestic equity markets would weigh on the local currency,” Tan said.
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