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Malaysian Ringgit MYR forecasts for 2020

Forecasts for the Malaysian ringgit change all the time, affected by news events such as the Coronavirus and relative sentiment towards the Malaysian economy. This continually updated article reviews MYR bank forecasts and popular cross-rate trends.

The ringgit is expected to weaken further in the coming months on the back of lower economic growth. Export-dependent Malaysia is expected to struggle amid tighter trade conditions brought on by the recent escalation in US-China trade tensions. Morgan Stanley said in May that USD/MYR would rise to or above RM4.22 before the end of September.

MYR in the markets

Malaysia was added to a US watchlist of suspected currency manipulators in May. Though that means little right now in terms of economic implications, it added to negative sentiment, which then spurred a rise in USD/MYR to a 6-month high (MYR low) of RM4.2.

Among factors contributing to the ringgit’s weakness over the past year has been political uncertainty relating to Malaysia’s ruling Pakatan Harapan coalition, late-2018’s crash in oil prices, global trade tensions and higher US interest rates.

MYR/USD - 90 day trend
MYR/USD at 0.2292 was trading 1.5% below AVG:0.2328 with LO:0.2251 and HI:0.242 (90 days). ALERT: MYR/USD dropped to 14-DAY LOWS.

What is a good MYR exchange rate?

This is a difficult question and the answer really depends on many factors. The best way to consider an exchange rate's relative value is to look at the rate's history.

For example, the following table looks at the change in the MYR to USD exchange rate to the present day for periods going back upto 10 years:

1 Week0.231012 May 2020
30 Days0.228819 Apr 2020
90 Days0.240219 Feb 2020
1 Year0.239420 May 2019
5 Years0.277721 May 2015
10 Years0.301322 May 2010

You can also read our full Foreign Exchange Guide to Malaysia.

Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

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