KUALA LUMPUR: There is room for the ringgit to strengthen against the greenback by end-2022 due to domestic economic recovery and strong prices of commodities’ exports, although further ringgit depreciation is expected in the short term, according to foreign exchange specialists and economists.head of treasury and markets Chu Kok Wei said the group’s house view is RM4.20 against the US dollar, for end-2022.
CIMB Group Holdings Bhd head of treasury and markets Chu Kok Wei said the group’s house view is RM4.20 against the US dollar, for end-2022. He noted that fundamentally, the ringgit has more room to strengthen due to positive developments in domestic demand amidst the reopening of domestic economic activities, recovery in labour market and stable inflationary pressure.
“Once the hikes start to happen over the next few months, perhaps in 50 basis points steps, we expect US dollar strength to normalise,” he said. “As we focus on an increasingly hawkish Fed, we also suddenly have the Chinese central bank embarking on easier policy to support the economy from domestic Covid-19 challenges.
“However, high prices of commodities exported by Malaysia such as crude palm oil and crude oil could provide some strength to the ringgit,” she said.
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