M’sian Ringgit drops close to lowest value against US Dollar in 26 years

M’sian Ringgit drops close to lowest value against US Dollar in 26 years

Malaysian Ringgit nears least expensive price in opposition to US Greenback in 26 yrs

The Malaysian Ringgit (MYR) ongoing its downward trend on Monday (15 April), with 1 US Greenback (USD) equating to RM4.77885 in the late afternoon.

In accordance to Bloomberg, this marks a .2% depreciation, bringing the MYR shut to its lowest benefit from the USD in 26 decades.

Throughout the Asian Financial Crisis of 1998, the trade rate was valued at RM4.8850 for every USD.

1 USD equates to RM4.77885 on afternoon of 15 April

According to the USD to MYR chart on XE.com, the trade fee stood at RM4.77885 for each USD at 5:15 pm right now.

Source: XE.com

More than the previous thirty day period, the Malaysian Ringgit (MYR) has persistently weakened against the USD.

Supply: XE.com

In contrast to the Singapore Greenback (SGD), RM1 equated to S$3.51448 at the time of creating.

On 20 Feb this yr, the MYR fell to its cheapest level versus the SGD, with RM1 investing at S$3.57.

USD appreciates amid geopolitical tensions in the Middle East

The latest geopolitical tensions in the Middle East have boosted the attractiveness of the USD as a &#8220secure haven currency&#8221, The Star famous.

Dr Mohd Afzanizam Abdul Rashid, chief economist of Financial institution Muamalat Malaysia Bhd, pointed out:

Given the elevated degree of uncertainties, markets are envisioned to continue to be defensive by positioning themselves in protected haven currencies these kinds of as the US Greenback.

This self esteem in the buck as a responsible store of value is driving its ongoing strengthening amid the conflict.

ringgit us dollar

Source: Burst on Canva

Meanwhile, Bloomberg highlighted that China&#8217s weak economic outlook is a different aspect triggering the MYR&#8217s depreciation, presented that each countries are critical investing partners.

The Worldwide Monetary Fund (IMF) echoed these fears in February, forecasting a modest progress of 4.6% for China&#8217s economy this yr, the South China Morning Publish described.

Also read through: S’pore Greenback equates to RM3.57 as M’sian Ringgit drops even further on 20 Feb

S&#8217pore Greenback equates to RM3.57 as M&#8217sian Ringgit drops more on 20 Feb

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Featured picture adapted from Reuters.

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