Ringgit maintains structural stability in face of Covid-19, global volatility, say economists | Malay Mail

Monday, 10 Aug 2020 03:58 PM MYT

The ringgit was trading below the 4.20 threshold against the US dollar in five months, supported by rising oil prices and favourable Malaysia Government Securities, as well as Malaysian Islamic Treasury Bills’ yield divergence, economists said.In contrast, the greenback, in July, lost five per cent of its value against major basket of currencies, but the ringgit appreciated from RM4.44 on March 23 to RM4.24 on Aug 3.

The fair market value of the pair is 4.15 and 4.24 versus US dollar in the third quarter, he said, adding that year-end forecast for the pair is between the 4.00 and 4.05 level. “I think, it continues to stay weak as the country’s economic outlook looks fragile and uncertain,” Shan said.

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