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.
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.
You can also read our full Foreign Exchange Guide to Malaysia.
MYR/USD – Historical Rates
|1 Day||0.2367||24 Feb 2020|
|7 Day||0.2407||18 Feb 2020|
|30 Day||0.2460||26 Jan 2020|
|3 Month||0.2397||27 Nov 2019|
|1 Year||0.2459||25 Feb 2019|
|5 Year||0.2772||26 Feb 2015|
|10 Year||0.2945||27 Feb 2010|
No longer will Malaysians sending money overseas be subjected to grossly inflated exchange rates and unnecessary bank charges following news that TransferWise has been granted a remittance licence by Bank Negara.
Last update: 19 Jun, 2019
The currencies of Malaysia and Singapore were trading at 6-month lows against the dollar on Wednesday following news that the US had added the Southeast Asian nations to its watchlist of suspected currency manipulators.
Last update: 29 May, 2019
What is arguably Southeast Asia’s most important exchange rate, Singapore dollar-Malaysian ringgit, leapt on Thursday to its highest level since November 2017, driven by FTSE Russell’s decision to reconsider Malaysia’s inclusion in an important bond index.
Last update: 18 Apr, 2019
Undoubtedly, the speed at which the oil market has reversed has shocked foreign exchange traders as much as it has those in the commodities space. Currencies from economies that depend on oil exports can only do so much amid what is now an energy market rout. With Tuesday bringing a twelfth consecutive day of losses for oil, the Canadian dollar, Norwegian krone, Malaysian ringgit and Mexican peso all fell to multi-month lows.
Last update: 8 Dec, 2018