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    Malaysian ringgit market update

     

    The Malaysian Ringgit (MYR) has been subject to varied outlooks from FX analysts, with some foreseeing a potential weakening trend against a robust US Dollar. Analysts at Hong Leong Bank hold a neutral-to-bearish stance on the MYR, citing concerns that sustained strength in the USD could exert negative pressure on the Ringgit. Moreover, Societe Generale anticipates the USD/MYR pair to trend higher, possibly approaching levels around 4.95, while Maybank predicts the MYR to face continued pressure with intermittent upward movements.

    Despite these projections, the MYR is expected to close out 2023 with an exchange rate range of 4.20 to 4.30 per US dollar. This forecast is underpinned by the view that the US dollar has already peaked in value, and the Malaysian Ringgit's fundamentals remain resilient due to the anticipated recovery in the tourism sector. Additionally, long-term weakness in Malaysia's currency could attract expatriates and foreign retirees to establish residence in the country, supported by its relatively lower cost of living compared to other regional counterparts like Singapore. Furthermore, as Malaysia is a significant oil producer in Asia, movements in oil prices, currently trending lower at around 2.7% below the three-month average, could also influence the trajectory of the MYR in the coming months.

    BestExchangeRates.com keeps you up-to-date on Malaysian ringgit forecasts by collating the views of reliable FX forecasters and economists together with recent MYR price trends. This analysis covers a wide range of factors including economic indicators, geopolitical events, central bank policies, and technical analysis to provide a thorough and current outlook on currency trends.

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