KUALA LUMPUR: The ringgit has appreciated 5.3% year-to-date against the US dollar, rebounding from its depreciation in 2023, making it one of the stro...
The ringgit has appreciated 5.3% year-to-date against the US dollar, rebounding from its depreciation in 2023, making it one of the strongest-performing currencies in the East Asia-Pacific region.
“Although the depreciation started earlier, markets are forward-looking, and this policy shift is a major external driver. Third, Apurva said, the government’s and Bank Negara Malaysia’s targeted initiatives, such as repatriating funds and improving the currency market, have further supported the ringgit.
Moving on, Apurva said certain factors could harm consumer confidence and pose potential risks to Malaysia’s economy.“For example, the situation in the Middle East, while currently contained from an economic standpoint, could pose a risk if it impacts global commodity markets or dampens global investment sentiment. This, in turn, could negatively affect Malaysian consumption,“ he said.
“This is due to Malaysia’s significant exports to China, including commodities and manufacturing goods, as well as strong ties in tourism and services. The ringgit and yuan are also closely connected.
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