The ringgit traded lower against the US dollar at 4.3520/3620 on Friday from 4.3280/3350 in the previous week. — Reuters pic
“Major oil producers must arrest the deteriorating fundamentals to shore up price sustainability. A firmer floor under oil prices could translate into more support for the ringgit’s performance over the immediate term,” he told Bernama.Even though China is set to relax its quarantine measures on Wuhan on Wednesday, it is expected to offer little comfort to global investors as the pandemic continues to ravage other major economies.
“While FX gyrations could be subdued, Asian currencies are expected to maintain its overall weaker bias considering that a global recession would lay bare the region’s economic vulnerabilities,” he added. Positive surprises ensued over Malaysia’s February 2020 external trade figures released last Friday, with both exports and imports showing year-on-year gains of over 11 per cent, respectively, that has somewhat helped cushion the ringgit from further depreciating.
GEanalyst Wishful-Thinking!
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