Ringgit gets pounded by the sterling, falling to lowest level in 7 years

The last time the ringgit took a plunge to RM6 versus the pound was on May 31, 2016.

The ringgit shot past this psychological level yesterday, reaching a low of 6.0164 from the previous day’s close of 5.9785. It managed to recover slightly today, ending at 6.0120. “The Bank of England policy rate is currently at 5% which is beyond the overnight policy rate level of 3%. Coupled with the hawkish stance adopted by the BoE, it is likely that the sterling will continue to outperform the ringgit,” said Afzanizam.

“Further, there are also signs of economic weakness starting to emerge, especially the business sentiments which have become more pessimistic, hence the change in major central banks’ stance would provide support for the ringgit by end of 2023,” he further said.The government needs to exhibit their economic reform agenda and be able to execute it in a timely manner to improve confidence in the ringgit among foreign investors.

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