MYR - Recent Performance
The Malaysian ringgit ended 2017 with a bang. The final session of the year saw the ringgit rally to a fifteen-month high of US$ 0.2473 (USD/MYR 4.044) and also record its ninth consecutive weekly gain. The ringgit also overtook the Thai baht to become the second-best performing Asian currency of the year. The ringgit gained 10.9% against the dollar in 2017, falling short only against the South Korean won, which gained 13.2%.
The ringgit benefitted in the latter part of the year from bets that the Malaysian central bank would soon raise interest rates and from an impressive year-end rally in commodities prices, especially oil, which ended 2017 breaching $60 per barrel for the first time since mid-2015.
The ringgit’s trajectory in 2017 will have been a welcome change for Malaysians (barring exporters), who had to watch the currency’s value tumble to a nineteen-year low in 2016.