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Malaysian ringgit Exchange Update, Chart & History

MYR Markets Update - Our review of Malaysian ringgit Forecasts and News plus Charts and Historic Rates. Check MYR Trends over various time periods.

 

Malaysian ringgit (MYR) Market Update

Recent forecasts and market updates indicate a mixed outlook for the Malaysian Ringgit (MYR) against major currencies, particularly the USD. FX analysts have varying opinions on the future trajectory of the MYR, with some expressing concerns about the ringgit weakening further against a strong US dollar. Hong Leong Bank analysts maintain a neutral-to-bearish stance on the MYR, citing potential negative impacts from sustained USD strength. Conversely, Societe Generale anticipates the USD/MYR pair to trend higher and potentially reach levels near 4.95, while Maybank foresees the MYR remaining under pressure with intermittent bounces expected.

Amidst these forecasts, the Malaysian Ringgit is poised to end 2023 within an exchange rate range of 4.20 to 4.30 per US dollar. Despite the uncertainties, the MYR's fundamentals remain robust, supported by the anticipated revival of the tourism sector that may help narrow the deficit in Malaysia's services account, thereby positively influencing the Ringgit. Additionally, the long-term weakness in Malaysia's currency could attract expatriates, foreign retirees, and high-value individuals to consider relocating to the country, especially given the relatively affordable cost of living compared to neighboring regions like Singapore.

In conjunction with the MYR's performance, movements in key MYR currency pairs have shown relative stability within specific ranges. As for the impact of oil price trends on the MYR, the recent increase in Brent Crude OIL/USD prices could potentially influence the currency's performance, given that Malaysia is one of the largest oil producers in Asia. Traders and businesses involved in MYR transactions should closely monitor these market developments to make informed decisions regarding their currency exchanges and international transactions.

 

US dollar to Malaysian ringgit - USD/MYR Trend

 
USD to MYR at 4.7330 is just above its 3-month average, having traded in a quite stable 4.4% range from 4.5950 to 4.7988
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1 USD =
4.7330We compare provider deals to this wholesale mid-market rate. Read more
MYR
 
+0.2%
 
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