Malaysian ringgit expected to remain strong after reaching year high

SINGAPORE (Nov 17): The Malaysian ringgit (MYR) on Wednesday reached a one-year high against the USD at 4.1745. And due to encouraging domestic and external factors, economists expect the MYR to remain strong.

Uncertainty over the US Republican party’s tax bill has caused the USD to weaken, partly contributing to the ringgit’s strength, says RHB Research Institute.

RHB Research adds that this may also be due to hawkish statement by Malaysia’s central bank, Bank Negara Malaysia (BNM), on Nov 8 from its monetary policy statement and expectations of a wider current account surplus recorded in 3Q17.

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