Ringgit now world’s best-performing currency

Free Malaysia Today

Data from Bloomberg shows the ringgit has strengthened 14.35% against the greenback over the last three months.   Read More:  https://www.freemalaysiatoday.com/category/nation/2024/10/01/ringgit-now-worlds-best-performing-currency/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------  Check us out at https://www.freemalaysiatoday.com  Follow FMT on Facebook: https://bit.ly/49JJoo5  Follow FMT on Dailymotion: https://bit.ly/2WGITHM  Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h  Follow FMT on TikTok : https://bit.ly/3uKuQFp  Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX  Follow FMT LinkedIn - https://bit.ly/42YytEb  Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj  Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------  Download FMT News App:  Google Play – http://bit.ly/2YSuV46  App Store – https://apple.co/2HNH7gZ  Huawei AppGallery - https://bit.ly/2D2OpNP   #FMTNews #Ringgit #Currency

Transcript

00:00The ringgit is now the world's best-performing currency against the US dollar, said Lloyd

00:06Chan, a senior analyst at MUFG Bank.

00:10Data from Bloomberg shows the ringgit appreciated 14.35% over the past three months, beating

00:17gold, which rose by 14.2% into second place.

00:22Chan attributed the recovery to Malaysia's economic growth and the US Federal Reserve's

00:28ongoing interest rate-easing cycle.

00:31Chan said the Thai baht also performed well, appreciating 13.79% against the US dollar

00:37due to the country's improved outlook for growth, the recovery of its tourism industry,

00:43and rising gold prices.

00:45Chan said the ringgit could potentially strengthen to a five-year record high of RM4 to the US

00:50dollar by year-end if market sentiments remain positive towards Asian currencies and subject

00:57to the US Federal Reserve Board slashing its interest rate by 50 basis points.

01:03On September 27th, BMI Country Risk and Industry Research, a unit of Fitch Solutions, revised

01:09the ringgit's end-2024 forecast to RM4 per US dollar, projecting further strengthening

01:16in 2025.

01:18Bank Muamalat Malaysia Berhad chief economist Afzal Nizam Abdul Rashid expects demand for

01:24the ringgit to remain robust.

01:26He's believed the ringgit may continue to rally, supported by narrowing interest rate

01:31differentials and Malaysia's improving trade performance.

01:37Natasha Buzd, FMT News.

Category

Transcript

Recommended