MYR in the markets
The period between April and November 2018 was a tough one for the ringgit, as it lost value against the dollar on a near-weekly basis. Fortunately, losses in that period only amounted to 8 percent and only took the currency to a 1-year low of RM4.2 — it could have been much worse.
Since then, the ringgit has turned a corner; in late February it was trading at RM4.06, near 6-month highs.
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. There are positive factors though.
“With good GDP data and strong economic fundamentals coupled with positive external factors, I believe the ringgit can go higher to RM4.02 [per USD],” a dealer said in February.
The team at TradingEconomics.com believes the ringgit weakens to RM4.14 by year-end.
You can also read our full Foreign Exchange Guide to Malaysia.
MYR/USD – Historical Rates
|1 Day||0.2395||18 May 2019|
|1 Week||0.2405||12 May 2019|
|1 Month||0.2420||19 Apr 2019|
|6 Months||0.2386||20 Nov 2018|
|1 Year||0.2518||19 May 2018|
|5 Years||0.3108||20 May 2014|
|10 Years||0.2834||21 May 2009|
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